Is Bitcoin Death Cross A Bad Sign? Bitcoin Price Prediction 2018: What Experts Are Saying?

in #bitcoin7 years ago

A death cross is an instance when Short-Term Moving Average (MA) dips below the Long-Term Moving Average. It shows that the current short-term downward trend has now become a long-term trend, suggesting a persisting bearish market.
Bitcoin is very close to its death cross.

Its 50-day MA is about to cut the 200-day MA from the top. Meaning, the short-term bearish movement is turning to become a long-term trend.
Does this means the doomsday for all the cryptocurrency investors is right around the corner?

Likely not. This is the not the first time Bitcoin charts has shown the death cross pattern. In September of 2015, its 50-day MA cut 200-day MA. Back then, after the “bearish crossover,” its price remained low and stagnant for 10 months. However, after that, its price rallied back to its All Time High (ATH) then, increasing in value by 40 percent the same year.Is Bitcoin Death Cross A Bad Sign?
Many experts are seeing a death cross as a critical warning for the Bitcoin and its sustainability.
“Any time the 50-day crosses the 200-day, it should flash a warning…and when you couple that with the fact that Bitcoin has been trending steadily lower since the launch of futures, I think that it is a major negative,” said Jim Iuorio of TJM Institutional Services to CNBC.
But there are also many who believe the current market trend is a bear trap.
As Omkar Godbole said in one of his articles on Coindesk, “BTC had to drop by $14,000 (from $20,000 to $6,000) to push the 50-day MA so far towards the 200-day MA. Hence, it's likely that the bears will run out of steam by the time the actual death cross occurs.”
The 50-day Moving Average of Bitcoin will crossover the 200-day Moving Average. It will likely happen in the past few days. And when that happens, we could possibly see another major sell-off, taking Bitcoin price to as low as $3,000.A Bitcoin Investor/Trader? RELAX
But that being said, the chances of a mass sell-off of that size doesn’t seem like happening right now. So that would keep Bitcoin in the oversold condition. And in that case, like we saw in 2015 and 2014, after the death cross Bitcoin, we could see a reversal. The cryptocurrency can soon rally to the $8000 territory, jumping high even further.
At press time, one Bitcoin is trading at $6,474 on Bitstamp. It seems like bottoming out right now. However, if we do see another wave of sell-off, the price can touch the $6000 mark.
All in all, the speculations are high as Bitcoin approaches its Death Cross. Traditionally, the charts say that it’s a bad sign when 50-day MA cuts 200-day MA line. But with the track record of Bitcoin, it suggests the once the bearish crossover happens, its price can rally high soon after.
Bitcoin Price Prediction 2018: What Experts Are Saying?
Yes, we’re all holding our breath.
Whether you’re planning to invest in Bitcoin or already have, the (crazy) price fluctuation of this cryptocurrency is no less than a nightmare. At least to the day traders and those who don’t know the basic rule of this game—‘HOLD/HODL’!
While mid-December of the past year Bitcoin touched its All-Time High (ATH) – going over $19,000 – it is now seeing a dramatic fall.
In short, it’s the bumpy start of 2018 for all of us.
Sceptics are already back to their favorite question – “Is Bitcoin Crashing”? (NO, it isn’t!)
It all makes you wonder…
What will be the value of Bitcoin this year? Will the price rise? Dip? Stay the same? What’s Bitcoin price prediction 2018?
Sadly, in the course of the past two years in particular, if Bitcoin taught us anything is that it’s really difficult to predict its price movement.
However, this hasn’t stopped some of this industry’s leading names from giving their own opinions. If you’re too wondering how high can Bitcoin Price 2018 go, these experts have the answers for you.Bitcoin Price Prediction 2018

  1. Bitcoin will hit $100,000 in 2018
    Kay Van-Petersen believes Bitcoin price can hit $100,000 in 2018. An analyst at Saxo Bank, he is the guy who successfully forecasted the meteoric rise of Bitcoin 2017, when one unit was trading just around $900.
    “First off, you could argue we have had a proper correction in Bitcoin, it has had a 50 percent pullback at one point, which is healthy. But we have still not seen the full effect of the futures contracts,” Van-Petersen said recently.
  2. Bitcoin will cross $60,000 in 2018
    Dr. Julian Hosp thinks Bitcoin price can reach $60,000 in 2018. He is a cryptocurrency entrepreneur— co-founder of a fintech company TenX.
    “I think we're going to see Bitcoin hitting the $60,000 mark, but I also think we're going to see Bitcoin hitting the $5,000 mark. The question is though, 'Which one is it going to hit first,” Julian Hosp said.
  3. Bitcoin will double in value in 2018
    Tom Lee says the price of Bitcoin will double in 2018. He is the co-founder and head of research at Fundstrat Global Advisors, with a history of accurately predicting price movement of this cryptocurrency.
    He says, once Bitcoin crosses the $20,000 barrier, it will move up unprecedentedly, eventually doubling in its value in the next few months.
    “If [Bitcoin] can actually rise close to [that $20,000 level] in the first half of this year, I think in the second half of 2018, we'll see a move bigger than that," Lee said. "So I think Bitcoin is still something you should own [all year]," he said.4) Bitcoin Will End Up at $1800 in 2018
    Wall Street consultancy firm Quinlan Associates has predicted that Bitcoin price will crash to $1800 by the end of 2018.
    In one of its reports, it said, “As an asset, we valued Bitcoin using a cost of production approach and a store of value approach, resulting in values of $2,161 and $687 respectively. To value BTC as a currency, we estimated its utilization for both legal, retail transaction payments, as well as payments on the black market. After significant testing, we calculated the price of BTC to be $1,780.”
  4. Bitcoin will reach $50,000 in 2018
    Spencer Bogart thinks that Bitcoin can “easily” reach $50,000 in 2018. He is a partner at Blockchain Capital.
    “Institutional ownership is still effectively zero percent. There's a lot of room for upward movement here,” Spencer said in an interview. “This is the first round of product set that's going to evolve and mature and eventually become a deep market,” he added.Crash… Crash… Crash…
    On the other side of the rope, two of the most renowned skeptics of Bitcoin is Jamie Dimon and Warren Buffet.
    Chairman and CEO of Berkshire Hathaway, Warren Buffet said, “In terms of Cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending.”
    Chairman and CEO of J.P Morgan, Jamie Dimon, in fact, went to an extent of calling Bitcoin a fraud last October. He said, “It's just not a real thing, eventually it will be closed.”
    ‘Eat My Dick’
    Countering these critics is cyber-security pioneer John McAfee who, in his now infamous tweet, said that he will “eat my dick on national television” if Bitcoin’s value doesn’t cross $1 Million by 2020.
    There are many such Bitcoin forecast 2018 from renowned market analysts and experts. Unsurprisingly, their views are widely divided, each side with their own theories and understandings.
    However, at large, here’s what we understand. In 2018, one Bitcoin will be priced anywhere between $50,000 and $100,000.
    On the other hand, according to skeptics, Bitcoin will crash. But nobody knows when. None of them has pointed out any definite year—none has mentioned anything about 2018.
    So, on a lighter note, considering everyone’s opinions and analysis, it is very likely that Bitcoin will boom this year. It “can crash”—but not really in 2018 ;)

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