• Bank of America Merrill Lynch names Bitcoin the best asset of the recent ten years.
  • BTC/USD is locked in a tight range above the psychological $7,000.

The US-based Bank of America Merrill Lynch believes that Bitcoin (BTC) is the best investment asset of the past ten years based on total investment return.

According to the financial giant, one US dollar invested in Bitcoin in 2010 would have brought $90,026 today. Notably, the American stock market's would have earned  $3,46 for each invested dollar during the same ten years.


While the first cryptocurrency has lost about two-thirds of its peak value, $19,811 reached in December 2017, cryptocurrency enthusiasts believe that we are just at the very beginning of a massive bullish trend that will take us much above $20,000 towards new record highs.  

Recently, the founder of Silk Road, an online black market, Ross Ulbricht, said that Bitcoin might reach $100,000.

BTC/USD: the technical picture

Meanwhile, at the time of writing, BTC/USD is changing hands marginally above $7,000, This area is the lower boundary of the recent consolidation pattern, reinforced by the lower line of the daily Bollinger Band. Once it is out broken, the sell-off is likely to gain traction with the next focus on $6,500 supported by November's low, and $6,300 ( the lower line of the weekly Bollinger Band). A sustainable move lower will unleash the bearish power, which may be amplified by low liquidity conditions typical to the pre-holiday period. 

However, considering flat RSI (the Relative Strength Index) both on a daily and weekly chart, the coin may continue drifting lower within the sloping range limited by $6,500 on the downside. 

On the upside, We will need to see a sustainable recovery above $7,300  for the bull's momentum to gain traction. This development will take us above the middle line of the daily Bollinger Band and 61.8% Fibo retracement for the move from $3,226 to $13924. The next upside target is created by a psychological $8,000 with SMA50 (Simple Moving Average) daily located just above this area. However, to break the downside trend, Bitcoin bulls will need to push the price well above the trendline resistance currently at $9,000.

BTC/USD, the daily chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Analysis: BTC bulls may hit a brick wall on approach to $9,800

Bitcoin (BTC) extended the recovery to trade at $9,750 at the time of writing. The first digital asset bottomed at $9,300 on February 19 amid massive sell-off and managed to regain some ground since that time. 

More Bitcoin News

Ripple Price Weekly Forecast: XRP/USD road to $0.35 mapped

As the week grinds toa halt, cryptocurrencies are rolling in a positive direction. The positive resonation comes after a couple of days that saw bulls paralyzed in the cryptocurrency market.

More Ripple News

Cardano launched hardfork OBFT; ADA/USD extends the recovery

Cardano (ADA), now the 11th largest digital asset with the current market value of $1.5 billion, has gained 2.7% in recent 24 hours to trade at $0.0590 at the time of writing.

More Cardano News

BCH/USD sprints to $380 amid development tax disagreements

Bitcoin Cash explored the region at $350 as I discussed in the previous article. However, the bulls quickly entered the market ready to buy low and push the price upwards. BCH/USD is already in the green ...

More Bitcoin Cash News


Bitcoin Weekly Forecast: BTC bulls plot the revenge

Bitcoin's market capitalization settled at $176 billion, which is 62.8% of the total digital assets market.

Read the weekly forecast