Home Price Analysis Bitcoin (BTC) Price Analysis: With Facebook Plans, Will Prices Soar to $6,000?

Bitcoin (BTC) Price Analysis: With Facebook Plans, Will Prices Soar to $6,000?

Latest Bitcoin [BTC] News

It has been a roller coaster and years after Satoshi released Bitcoin, the price of the world’s much sought-after digital currency is still volatile—but tapering. Some attribute this to retail investors—aware that institutional investors are still weighing their option thanks to regulators who maintain the emerging asset class has a lot of monitoring to do. Even so, we must agree that crypto and Bitcoin to be specific has made strides over the past few years.

Not only is Bitcoin a global phenomenon doubling as a settlement layer meaning users can store value but it is also a medium of exchange. Because of low throughput, off chain options as Lightning Network is gaining traction and the high through put and scalable solution is bound to shape commerce especially if tools as Tippin.me, officially endorsed by Jack Dorsey—a tech visionary and the man behind Twitter and crypto friendly app, Cash App, gain traction.

Despite regulatory obstacles, it remains to be seen that Bitcoin will positively impact lives and picking the new trend, latest news is Telegram, Facebook and Google are working on their cryptocurrency projects. These projects, the New York Times report, will like Bitcoin, facilitate global transfer of money and will be powered by Blockchain. The only difference is that their design will do away with energy guzzling consensus algorithm and adopt new, energy conservative algorithm.

If anything, this is a direct endorsement of Bitcoin and with optimism around Bitcoin price recovery, the ground has been set for a possible moon sling.

BTC/USD Price Analysis

Bitcoin BTC price 01/03/2019After price turbulence of early this week, Bitcoin (BTC) is stable and accumulating. In determined trend, bulls are in control over the short-term and trading within a bullish breakout pattern with clear supports at $3,800. Although there is expected liquidation because of Feb 24 sell-off, the lack of follow throughs is bullish for Bitcoin. This bear founding is drawn from how price action is aligned.

Note that Bitcoin prices have been in consolidation mode in the last few days and in an effort versus result point of view, sellers could at anytime confirm these losses driving prices below $3,800. The only move that would confirm bulls is if there is a sharp reaction at $3,800 supports driving prices above Dec 2018 highs as losses of Feb 24 are recovered at the back of high trade volumes.

All the same, risk off traders whose long positions were activated on Feb 18 can ramp up on dips with first targets at $4,500. Once there is a firm close above $4,500, risk averse traders can buy on dips with cross hairs at $6,000.

All Charts Courtesy of TradingView—BitFinex

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

Alfonso Martínez
Cryptocurrency enthusiast since 2015, a lover of blockchain technology and everything around her. He joined the Crypto Economy team in 2018 as a content editor specializing in SEO. He is also responsible for the Social Networks of the platform.
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