Image source: pixabay - rawpixel
The highs and lows of Bitcoin definitely got everyone talking about Bitcoin's future. Looking at the recent Bitcoin market stabilization, many investors are hoping that the eventual upward trend will start to appear.
Billionaire investor Mike Novogratz stated on CCN - Joseph Young that the crypto market bottomed out at $186 billion mark and ready for a new mid-term rally.
“This is the BGCI chart. I think we put in a low yesterday. retouched the highs of late last year and the point of acceleration that led to the massive rally/bubble… markets like to retrace to the breakout..we retraced the whole of the bubble,” Novogratz said.
Source: CCN - Joseph Young
Image source: pixabay - jill111
Looking at Bitcoin price bouncing since the peak in Dec 2017, it is almost the pattern of a bouncing ball dropped from a height. As the bounces slow down, technical experts note that when Bitcoin properly bottoms out and stabilize, prices will start to go up.
Luke Martin, a technical analyst explained:
“Pattern of the BTC bounces from $6,000 lows this year. Each subsequent bounce has been weaker taking us to the 61.8% fib retracement level of the move down. (first bounce only a 50% retrace) 61.8% retrace of most recent drop puts BTC resistance $6,940.”
Source: CCN - Joseph Young
This is a good sign that Bitcoin investors are hoping for. If this holds, $6,000 could be buy-in price for 2018 before the rising frenzy starts.
Image source: pixabay - Free-Photos
Another point for an upcoming price rally is the comment left on Twitter by money manager Michael Novagratz with regards to an oversold Bitcoin.
As reported on Bloomberg - Olga Kharif, the so-called Williams %R Indicator moves between 0 and -100 and measures overbought and oversold levels for traders searching for entry and exit points.
Bitcoin is currently showing -80, which indicates high oversold levels.
Novogratz's claims of a Bitcoin bottom using the %R Williams Indicator is quite a strong piece of evidence. The Williams %R is well-known for highlighting market reversal signals. While it may be prone to false signals, comparison with other price and trend methodologies can reduce the error rates.
The last time Bitcoin hit this mark, it rallied 22 percent, to $7,361 from $6,017. Hence a similar rally from the current $6,500 could see prices jump back into the $8,000 range. Source: hacked.com - Gerelyn Terzo.
Ethereum also see gains this week by more than 40 percent. According to Diar, a cryptocurrency-focused research group, they disclosed that initial coin offering (ICO) projects still have more than 50 percent of their ETH reserves. Source: CCN - Joseph Young.
We have definitely not seen the last for Ethereum just yet.
