Bitcoin Today (06.12.2018)

Category: Analytics

The yesterday showed one more low at $3600, though this low has triggered some buyers, who rapidly brought the price back above $3700. All these moves happened within the downing pattern, below the Bearish Trend Line, so the downward overlook stays.  Regarding the average daily movement, the next support that could be reached is the final $3500 level, breach of which will trigger more sell-offs and probably push BTCUSD downward, to the $3000. Bearish Trend Line and $4000 – $4500 zone are the main resistances.

Today forecast

Trading Bounds: $3500 – $4000. Breakthrough below $3500 will send the price to the $3000.

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🔹 A.T. Kearney forecast for 2019

Leading consulting firm A.T. Kearney suggests that by the end of 2019, Bitcoin will regain its former dominance in terms of market capitalization, upcoming instability of altcoins will be one of the main reasons.

Such a forecast is contained in the latest analytical report of the company.

“Is #cryptocurrency dead? Not quite. In their annual predictions report, @ATKearneyGBPC anticipates that by the end of 2019 #Bitcoin will reclaim two-thirds of the #CryptoMarket capitalization.” – @ATKearney

“By the end of 2019, Bitcoin will regain two-thirds of the capitalization of the crypto market, since the altcoins lose their attractiveness due to the growing unwillingness of investors to take risks,” the report says.

Also, analysts point out the growing complexity of the very nature of altcoins, as demonstrated by the recent “hashrate war” in the Bitcoin Cash ecosystem.

“Additional hard forks and the continuing lack of consensus among developers on how to move forward will only widen the gap between Bitcoin as the most accessible and widely recognized cryptocurrency and the altcoin community,” A.T. Kearney Courtney Rickert-McCaffrey.

This, however, does not mean that the Altcoins will leave completely, said Eclypses Vice President Steve Russo.

“Some of them will survive and become powerful enterprises with real products and substantial revenues. Those of them that have no real value will dissolve, only real products will survive and flourish” – Russo said in a comment to Forbes.

According to analysts A.T. Kearney, despite the extremely unfortunate for Bitcoin in 2018, during which it lost 73% of value and pulled the rest of the market to the bottom, the situation may change next year.

In particular, in a broader perspective, they believe, financial regulators will soften their approach to this sector. This, in turn, will pave the way for the launch of Bitcoin-ETF and attract a large number of large investors to the market.

“The irony is that the only viable way for cryptocurrency lies in their adoption of the international financial system, to win which Bitcoin once had a goal,” – analysts write.

Note that at the moment Bitcoin’s domination index, according to CoinMarketCap, is 54%, although back in January 2017 this figure was about 88%. However, in January 2018, the share of Bitcoin in the market was less than 33%, after which it went up again. Somewhat earlier, in July 2017, a situation arose when Bitcoin, according to this indicator, seemed to be ready to bypass Ethereum, but the so-called flippening never happened.

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