Bitcoin analysis for 19/01/2018

Host of the Bitcoin Knowledge and well-known lawyer Trace Meyer suggested that Bitcoin could reach $115,000 in 2018 after the correction is completed. Meyer informed another analyst Tony Vays about suggestion, what to expect in the next eleven and a half months: "$115,000, despite the theoretical capability based on previous behavioral cycles, would be very overvalued" added Mayer.

The main exchanges offered $11,500 yesterday, the lowest level since the end of November. Mayer's optimism has in the meantime been partially echoed by the mainstream edition of the Business Insider magazine earlier this month. There is also a talk of Wall Street's involvement in moves in the cryptocurrency markets. The publication suggested that this additional investment could result in a "discount" Bitcoin. Mayer claims that the "fair" value would be between $ 9,500 and $ 14,340.

Prior to this year's crisis, investor Fundstrat Tom Lee suggested returning to $20,000 in 2018, which, if completed by June, could lead to another move towards record highs: "I think Bitcoin is still something that should be your property", Lee said in an interview with CNBC network.

Let's now take a look at Bitcoin technical picture at the H4 time frame. The market is still testing the technical resistance at the level of $12,024. Any breakout above this level would lead to the test of the next technical resistance at the level of $12,737. A breakout above $12, 737 will confirm the bottom at the level of $9,200.


The material has been provided by InstaForex Company -