Tanya Abrosimova
Independent Analyst
- BTC/USD settles down in a range after strong movements on Monday.
- Mike Novogratz expects strong BTC movements only after institutional investors join the market..
Bitcoin is back in a tight range after head-spinning movements on Monday. The digital currency No. 1 is changing hands at $6,424, gaining about 4% on a day-on-day basis amid declining momentum and trading volumes reduced to normal.
Bitcoin's technical picture
Bitcoin managed to settle above critical $6,400 after wild price gyrations on Monday. However, further upside may be limited by $6,600-$6,630 congestion zone that stopped the recovery attempts at the beginning of October. Once it is cleared, the upside may be extended towards $6,800 and $7,000.
On the downside, the first support is located at $6,400 (the lower border of the former consolidation channel) and followed by SMA50 (4-hour) at $6,367. Once below, the sell-off will continue to $6,200.
No explosive growth until next year
Meanwhile, one of the most prominent crypto investors Michael Novogratz says that we need to wait for institutional investors to jump the game to see big movements in the cryptocurrency space. The expert believes this can happen somewhere in the first half of 2019.
“One thing you learn in this process is that everything takes a little longer than you hoped it would. I don’t don’t see us breaking $10,000 by the end of the year.” Novogratz said during an interview in a Bloomberg Television.
BTC/USD, 4-hour chart
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