Bitcoin price analysis: BTC/USD shifted to a lower range, Julian Hosp from TenX says Bitcoin will finish the year at $60,000

Bitcoin, the largest digital currency by market value, is changing hands at $6,245. The coin touched $6,075 during early Asian hours but recovered fairly quickly amid speculative positioning. While the downside momentum is not so active during Asian hours, the end of the working week might bring in some volatility to the cryptocurrency market.

Meanwhile, TenX co-founder Julian Hosp came out with a new bullish forecast, saying that Bitcoin price can reach $60,000 by the end of the year. He foresaw the slump to $5,000 with further recovery to $50,000 in the end of 2017, when Bitcoin was trading close to $20,000. Now he raised his forecast even higher, despite bearish mood at the market.

Hosp believes that such extraordinary spike will be triggered by a ‘massive positive event,’ such as good news from regulators.

Bitcoin's technical picture

On the intraday level, BTC/USD is supported by $6,000. The resistance comes at $6,289, which is the lower line of a broken range. Once this level is cleared, the recovery may be extended towards $6,400. On the downside, a sustainable movement below $6,000 will open the way towards  $5,792, which is the lowest level since June 29.

BTC/USD, the 1-hour chart