Bitcoin analysis for 31/07/2018

Currently, a wave of different opinions passes through the cryptocurrency ecosystem. Fund managers and institutional investors are once again talking about what they think will happen to Bitcoin, altcoins and the entire Blockchain ecosystem.

In an interview with Bloomberg, the founder and CIO of Miller Value Partners, Bill Miller, positively assessed Bitcoin, describing it as an interesting technological experiment. He also believes that most other cryptocurrencies are worthless.

At present, Bitcoin is worth over $ 8,000. This is a factor that Miller assesses as important for stability and belief in this cryptocurrency. According to him, in comparison to the past, when the cryptocurrency could be bought for about $ 100, panic in the industry today is less: "Every day, when [Bitcoin] will not break out, it will not go down to zero, it will not be sunk into regulations, more money will flow into the ecosystem "- Miller said.

Bearing in mind that there are currently over 1,600 cryptocurrencies, Miller believes that many of them are virtually worthless. He confirms that Bitcoin is the most valuable of all, and Ethereum is in second place.

Miller also notes that at the moment the best way to think about Bitcoins is that they are unrelated assets, the most similar to gold. It also indicates the potential of Bitcoin, such as the possibility of transforming itself into a payment system, real currency and the likelihood that central banks around the world will recognize it as another potential capital. These are factors that in his opinion will open up the market to a large extent.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The global investors might be witnessing a born of a triangle pattern, which a typical corrective structure for wave 4. The price hovers around the weekly pivot at the level of $8,012 with a low at the level of $7,752 and the swing high at the level of $8,445. When the wave 4 correction is completed, another wave up is being expected. The projected target for this wave is at the level of $8,555.

analytics5b5ff7a743b63.jpg

The material has been provided by InstaForex Company - www.instaforex.com