• Bitcoin year-end forecasts are still reasonably optimistic.
  • BTC/USD needs to regain ground above $4,000.

Bitcoin is hovering around $3,400 handle, down nearly 84% from the all-time high reached in December 2017. However, cryptocurrency experts and analysts remain optimistic. According to the latest polls of Finder.com, the average forecasted Bitcoin price by the end of the year is $6,778, which is a 100% increase from the current level. 

Bitcoin’s co-founder at Satoshi School, Joerg Molt, came up with the most optimistic forecast. He believes BTC will jump to $20,000 in less than a month. 

“BCH is dying in two altcoins, started by the ETP in Switzerland; the beginning of taxation in the US, so people are starting to buy more bitcoin to reduce liquidity between December and the end of January; and the liquid network and lightning coming to mass adoption,” he commented.

However, the majority of experts stick to less drastic expectations, aligned with the current pricing landscape.

Bitcoin's technical picture

BTC/USD is supported by the recent low $3,211 strengthened by the lower line of Bollinger Band (daily) at $3,200. Once this barrier is out of the way, the sell-off will gain traction with the next focus on $3,000. That's where fresh buying orders are likely to generate a recovery. On the upside, $3,800 (the middle line of Bollinger Band, daily) and psychological $4,000 hold the key. This area is pivotal for BTC in the near-term.

BTC/USD, the daily chart

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