There has been a temporary slowdown in the market in the last couple of days. This has however not deterred investors from the market. As we reported, though some bearish pressure was setting in, the bulls have responded well and kept prices solid.
Since Bitcoin pulled back after a failed attempt to get above $5,450, the bulls have kept prices above $5,000. Today, after a stable weekend with little to report on price movement, the market has recorded some fair gains. Now all eyes turn to the $5,200 position as the next key target before eventually retesting the $5,450 resistance.
At the time of press, Bitcoin is recording marginal gains of less than 2% and exchange for $5,160. This comes after rallying as high as $5,193 earlier in the day before failing to hit the $5,200 target.
The pullback that followed saw Bitcoin go back to $5,157. This high level of stability and resilience for the bulls to keep prices high and push it upward goes to show how strong this current bullish momentum is. And as long as Bitcoin can remain above $5,000 and avoids tremendous pullbacks, the bullish trend will continue to find more support and to push higher.
Yet Another $1 Million Prediction For Bitcoin (BTC)
Just weeks after PayPal made its first investment in blockchain technology, its newest board of directors has made a bold price prediction for bitcoin, and it’s one we have heard before. According to Wences Casares, Bitcoin could hit $1 million within the next decade. By making this bold prediction he joins IBM head of Blockchain & Digital currencies, Jesse Lund and John McAfee in what many believe to be an overly confident prediction.
“In my (subjective) opinion those chances of succeeding are at least 50%. If Bitcoin does succeed, 1 Bitcoin may be worth more than $1 million in 7 to 10 years.”
Bitcoin (BTC) Pulling Up Altcoins
In the wake of Bitcoin lifting its head up, a majority of altcoins have turned green. Gains remain relatively low with most altcoins recording gains of around 1% to 4% but this extending and becoming more substantial continues to be probable.
One of the best performing coins at the time of press is Litecoin’s LTC. The coin has in the last couple of weeks been performing exceptionally well and again today seems to be dictating price movement for altcoins.
XRP and ETH are also in the green zone but recording marginal gains of 0.30% and 1.26% respectively. XRP is looking to get back above $0.33 as its immediate target with the long-term goal being above $0.4. ETH, on the other, is looking to climb back above $170 as its next target with a position above $190 its more desired position.