On Thursday, June 11th, BTC remains positive but does not demonstrate any bursting growth. Bitcoin is generally trading at $9,750 today.
By Dmitriy Gurkovskiy, Chief Analyst at RoboForex.
- BTC price now.
- The BTC may grow in price several times – Dedic.
- Large investors like the BTC.
On W1, the Bitcoin keeps trading in a small range. The pair has stopped under the resistance level. Technically speaking, the Bitcoin is developing under 61.8% Fibo. this may precede another bounce off this level. The movement will aim at 50.0% Fibo. The MACD is still aiming at zero, which means the continuation of the flat. In case the quotations bounce off 61.8%, we may expect a decline heading for 38.2% Fibo. The Stochastic has formed a Golden Cross; as long as it is formed between the levels of 20 and 80, the market mood seems ambiguous.
On D1, the picture is quite similar. The pair keeps trading near the resistance level. On the chart, it looks like a sideways movement. On the MACD, the histogram is above zero, and the signal line has escaped the histogram, which may mean the continuation of the upward movement. Based on W1 and D1, we may conclude that in the medium perspective the coin is unlikely to yield success.
On H4, the perspective is not promising either. The price is still moving inside the ascending channel but at the same time trading under the horizontal resistance level. The Stochastic has formed a Golden Cross, almost reaching the oversold area, which, in turn, may mean minor growth of the quotations. In the medium perspective, a bounce off the horizontal resistance level may bring the price to the lower border of the ascending channel.
The manager of the Blockfyre startup Simon Dedic states that the BTC may grow to $150,000 USD. We will hardly see the profitability of 2017, however, the co-founder of the company thinks that in the future the key digital currencies will show impressive growth.
The market has been optimistic about the future of the BTC these days. Earlier, we got to know that the head of Blockstream Adam Back states that the BTC may further rise to $300,000 USD. He stated that even without institutional investors and their finance the BTC may grow in the price thanks to the formation of a perfect environment for investments in general.
According to the results of the poll by Fidelity Investments – a company that surveys the investment preferences of a large number of investors – a third of its clients invests in the BTC and other digital assets. The company has questioned some 740 institutional investors with large portfolios, including hedge funds and non-state pension funds, thus the data looks rather trustworthy. According to the company’s data, during a year, the share of US investors, well-disposed to investing in cryptocurrencies, has increased from 22% to 27%; in Europe, the share amounts to 45%.
Judging by these observations, society acknowledges new assets step by step and begins to trust them. This is the productive way that cryptocurrencies should take.
Disclaimer: Any predictions contained herein are based on the authors' particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.
Dmitriy Gurkovskiy is a senior analyst at RoboForex, an award-winning European online foreign exchange forex broker.