Summary:
- Bitcoin (BTCUSD on xStation5) could be heading to $10k or beyond according to a CNBC survey
- The price of Bitcoin has failed to break above $5800 once again
- Swedish govt auctioned off Bitcoin at above market rates
After Bitcoin and other digital currencies erased their losses on Thursday, volatility subsided. Bitcoin is trading slightly lower in the Friday’s morning losing approximately 1% but it could increase its losses in the nearest future as a technical analysis doesn’t seem to be supportive of it. However, before we move to the chart let’s say a few words about the latest CNBC survey. It revealed that virtually a majority of respondents (49%) envisages that the Bitcoin price will outstrip $10 000. What’s more, similar calls have been made by market participants, for instance former hedge fund manager Michael Novogratz told CNBC that he sees Bitcoin heading to $10k during the next 6-10 months. Moreover, it’s interesting that as much as 35% of respondents sided with Jamie Dimon where they were answering the question related to his harsh opinion when he called Bitcoin a “fraud”.
Bitcoin could be poised to another pullback after it failed to break its the past all-time high. Source: xStation5
A technical view seems to not bode well for the Bitcoin price as an ominous candlestick (a bearish engulfing) was drawn at a H4 time frame. Since then the price has been unable to crawl above this level which could herald a possible corrective move to the downside. If so, Bitcoin could be heading as low as $5300, the level which halted the latest tumble (it’s better seen at a daily interval).
At the end let’s mention the Swedish government which has successfully auctioned off some Bitcoin, collecting more than the prevailing market rate in the sale. To be more precise, during a week-long auction 0.6 BTC was sold for a total 43k SEK or ca. $6840. The auction was arranged by Kronofogden which is the governmental agency. Even though it could be an unprecedented event, it wasn’t the first one as earlier this month the US Department of Justice sold more than 144k BTC for about $48 million. These digital coins had been seized from illegal activities beforehand.