Bitcoin price analysis: BTC/USD is forecasted to reach $96,000 in five years' time, but now it is glued to $7,000

Bitcoin has moved towards $7,000 handle and shifted during early Asian hours. The digital coin No.1 has shifted to the positive territory having gained 0.26% since the beginning of Friday, though it is still in red on a daily basis. The coin is trapped in a narrow range amid nervous, indecisive trading.

To the moon by 2023

Meanwhile, the new report prepared by Satis Group engaged in Initial Coin Offering (ICO) advisory business, suggests that Bitcoin price may surge to $96,000 within five years, while total cryptocurrency market capitalization will reach $3.6T in 2028. As for the altcoins, the company forecasts substantial price growth for Monero (XMR) and Decred (DCR), while Bitcoin Cash and XRP are likely to lose value.

"Currency and Privacy networks will be the largest beneficiaries, as the most fundamental value will stem from a store of value use cases," the report says.

Bitcoin's technical picture

BTC/USD jumped above SMA50 (1-hour chart) currently at $6,979, but $7,000 is still to be taken out. The recent attempts to get above that level proved to be unsuccessful though the bullish momentum may grow when European players join the game. The ultimate short-term target is Tuesday's high at $7,128. On the downside, the first support is created by SMA100 (1-hour) at $6,928, followed by DMA100 at $6,900. A strong support area generated by a confluence of 23.6% Fibo retracement, Thursday's low and downside trendline is likely to limit the decline.

BTC/USD, 1-hour chart