Technical Indicators Show Possible Major Gains for Bitcoin Before Year-End

Nov 07, 2018 at 21:39

A Bloomberg report claimed that based on technical indicators, Bitcoin is already poised for much awaited gains.

The report noted that the premiere cryptocurrency’s long-term trend in its directional movement index signals its entry into a new bullish phase as 2018 approaches its end.

However, there are no indications if this projection would turn out to be at the same level when Bitcoin hit its peak price of near $20,000 in December 2017.

Notably, Bitcoin surged from around $6,500 in mid-November 2017 to a record high of $19,511 in mid-December 2017. The momentum was not sustained at the start of 2018 as it slid by more than 65 percent since hitting the top, range trading between $6,200 and $6,00 in the past two months.

Despite the anticipation for Bitcoin’s next breakout performance, Nigel Green, founder and chief executive officer of financial advisory firm deVere Group, recently noted that its dominance in the cryptoverse will wane in the next ten years to give way for a 5,000 percent expansion of the entire market.

“I don’t wish to rain on anyone’s parade, I believe that Bitcoin’s influence and dominance of the cryptocurrency sector will drastically reduce in its second decade. This is because as mass adoption of cryptocurrency grows, more and more digital assets will be launched by organizations in both the private and the public sectors. This will increase competition for Bitcoin and dent its market share,” he claimed.

Green specifically pointed out that other cryptocurrencies with better technology, features, and solutions like Ripple’s XRP and Ethereum will eat up some of Bitcoin’s current lion’s share of the market.

Meanwhile, Iqbal Gandham, UK managing director of online trading platform eToro, said Bitcoin should first improve its reputation to attract more public support.

“The next decade could see bitcoin being accepted as the norm when it comes to money transfer and payments… As with any startup idea, early days are always risky, but I feel these are now few and far between,” he explained.

Their prediction about Bitcoin’s performance in the future can be read here.

As of this writing, Bitcoin is valued at $6,500 a piece, up by 1.58 percent with a market cap of $113.3 billion.