Tanya Abrosimova
Independent Analyst
- Cryptocurrency experts come up with contradicting price forecasts.
- Bitcoin stays hovers around $6,300 amid market indecision.
One Bitcoin hovers around $6,300 handle at the time of writing after sliding to as low as $6,218 during early Asian hours. The Relative Strength Index stays close to the oversold territory, though there are no signs of reversal as of yet. This implies that rangebound trading with downside bias may be in store.
Meanwhile, cryptocurrency experts believe that the first digital coin will recover to $8,000 area by December 1, the finder.com survey shows. According to the median estimates, BTC/USD will gain 29% in November and jump to $16,000 by the end of 2019, which implies over 160% growth in one year time.
Joerg Molt, the co-founder of co-founder at Satoshi School, is the most optimistic forecaster as he expects that Bitcoin will grow to $15,000 by December 1, 2018, amid American tax season.
“On November 15th, taxation begins. People run in BTC like last year and will sell off in mid-January to get the cut,” he commented.
Fred Schebesta, CEO and co-founder of finder.com and HiveEx.com was the only to predict the Bitcoin price decrease to $5,800.
BTC/USD, the daily chart
Get 24/7 Crypto updates in our social media channels: Give us a follow at FXStreet Crypto Trading Telegram channel
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Ethena plans to leverage USDe to integrate DeFi, CeFi and traditional finance
Ethena (ENA), a protocol developed on the Ethereum blockchain offering a synthetic stablecoin (USDe) that operates across various DeFi applications, announced on Friday that itsUSDe will integrate DeFi, CeFi and traditional finance as part of its 2024 roadmap.
XRP hovers above $0.50 as Ripple joins alliance to simplify recovery of digital assets
XRP trades around $0.5174 early on Friday, wiping out gains from earlier in the week, as Ripple announced it has joined an alliance to support digital asset recovery alongside Hedera and the Algorand Foundation.
Toncoin price surges as Notcoin gains attention across the crypto community
TON saw a brief rally on Thursday following a recent announcement that Binance and OKX will launch Notcoin (NOT) as the newest token on the Binance launchpool and the OKX Jumpstart.
AI crypto coins rally ahead of ChatGPT creator OpenAI plans to announce Google search competitor on Monday
Barely before the hype around NVIDIA stock gain is over, AI crypto tokens have another bullish catalyst coming their way, which could provide more tailwinds to drive the price of the sector’s tokens.
Bitcoin: Why BTC is close to a bottom
Bitcoin (BTC) price efforts of a recovery this week have been countered by selling pressure during the onset of the American session. However, the downside potential appears to have been capped. Markets have noted significant trading differences between sessions, and while the Asian market showed strength, whatever ground they were able to cover was oftentimes wiped out by traders in the US.