• On the long-term side, we are still technically bullish.

  • We may be on a retrace phase ccc

BitMEX Co-founder Arthur Hayes told CNBC in May despite the recent falling of cryptos he will remain bullish because the price of Bitcoin will be around $50,000 by the end of this year.

Even though that the popular cryptocurrency Bitcoin has lost almost 54% of its value Arthur Hayes stated

"something that goes up to [around] $20,000 in one year can have a correction," on "Fast Money" Friday.

"We could definitely find a bottom in the $3,000 to $5,000 range," he said. "But we’re one positive regulatory decision away, many an ETF approved by the SEC, to climbing through $20,000 and even to $50,000 by the end of the year."

The largest cryptocurrency by market cap last week fell under the $6.000 level.

The price of Bitcoin now is around $5.800 which is a very steep decline from last year high that was around $19,500.

Also, the other popular coins also had the same drop this year following the bitcoins sell off, such coins are litecoin, bitcoin cash ripple, ethereum. But Hayes said that Bitcoins volatile nature is what makes the coin so popular among the investors.

 He said. "Now that we have more visibility, more people talking about [bitcoin], the time between an aggressive bear market and an aggressive bull market, I think, is going to shorten," he said.

Now on the technical side bitcoin sure has made a huge drop but let us examine the components on the chart to see potentially where Bitcoin may actually go.

If we examine the monthly timeframe based on Ichimoku system we can see that the trend is still bullish despite the recent fall of the coin.

The Ichimoku rules for having a new trend reversal say we need to have the price below the cloud the tekan sen and kijun sen lines must be in a bearish formation meaning that the white line needs to be below the Yellow and to have valid reversal signal the chikou span (green) needs to be below the cloud as well.

So on the long-term side, we are still technically bullish. A possibility that exists is the price to bounce on the 79% of the Fibonacci $4575.80 which is also a level of support.

BTCUSD Monthly Chart

Bitcoin

Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and education purposes. Personal Opinion of the Author does not represent and should not be construed as a statement or an investment advice made by TeleTrade. All Indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results. Risk Warning: Investment services are provided by TeleTrade-DJ International Consulting Ltd, a Cyprus Investment Firm under reg. number HE272810 operating in accordance with MiFID, under license 158/11 by the Cyprus Securities and Exchange Commission. Trading in leveraged derivative financial instruments carries a high level of risk and may not be suitable for all investors. Past performance is not a reliable indicator of future results. Indiscriminate reliance on informational or historical materials may lead to losses.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

BTC/USD will not hit $8,000 unless it falls to $5,000 first

Bitcoin price attempt to climb the ladder above $7,000 was met by increased selling activities in the zone between $6,800 - $6,900. This left the psychological zone at $7,000 untested, however, the area remains critical to Bitcoin price near term trend.

More Bitcoin News

NEO/USD struggles to settle above $7.00 as the upside momentum fades away

NEO, now the 2nd largest digital asset with the current market value of $492 million, is hovering around psychological $7.00. The coin has gained over 2% on a day-to-day basis, however, the upside momentum has faded away during early Asian hours.

More Ripple News

Ethereum Price Analysis: ETH/USD has to decide where from here

Ethereum, the second-largest digital asset with the current market value of $15 billion, the tested area above $142.00 before retreating to the current levels.

More Ethereum News

XRP/USD vulnerable to downside correction

Ripple (XRP) has been the best-performing altcoin out of top-20 in recent 24 hours, The coin tested $0.1800 during late Thursday hours and managed to settle above $0.1700 on Friday. Ripple's total market capitalization is registered at $7.5 billion.

More Ripple News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Coronavirus will either kill Bitcoin or make it stronger

Bitcoin is about to finish the second positive week in a row. The first digital coin has recovered from $5,680 and came close to psychological $7,000 during the week.

Read the weekly forecast

BTC

ETH

XRP