Bitcoin Price Analysis: BTC/USD experts remain very optimistic, despite these depressed current levels
- Bitcoin on Thursday flirting with the $4500 support area, nursing losses of some 2.4%.
- The Blockstream co-founder remains optimistic on Bitcoin, calling for $250-500K.
Bitcoin price on Thursday, was seen nursing sizeable losses of some 2.40%, through the mid-point of the session. BTC/USD has been able to form some stabilization around the $4500 price area, as it is trading within a consolidation narrow. Despite this, it is still very much vulnerable to further downside.
In terms of recent ‘expert’ commentary on the leading cryptocurrency by market cap, Blockstream’s co-founder said “Personally I consider $250k-$500k/BTC plausible in the years ahead.” This was in response to another known Bitcoin enthusiast, Bobby Lee, who believes that Bitcoin could overtake the value of gold in the years to come.
Technically, as mentioned above, vulnerabilities remain, eyes on near-term support of $4500. Further south, the round $4000 the figure. A breach here, could see a fast fall to the next major level of weekly support, seen within the $3000 territory. The current 4-hour candlestick is edging out of a rising wedge pattern.
BTC/USD 4-hour chart
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
