Summary:

  • Bitcoin (BTCUSD on xStation5) could be at $40,000 at the end of 2018 while Ethereum (ETHUSD) might triple its value according to former hedge fund manager
  • Cryptocurrency market capitalization has already crossed stunning $300 billion after the jaw-dropping weekend
  • Ethereum is getting closer to our target while Litecoin (LTCUSD) has just reached a resistance

Cryptocurrency traders have had a hectic period of time of late as major digital currencies have seen astounding increases and many of them have been able to establish their new all-time peaks. However, along with the rising price of Bitcoin (it’s trading above $9,800 at the time of writing) there are more and more uncertainties and assumptions with regard to where to price could go further. At first let’s recall our latest analysis where we put an emphasis on 2018 forecasts for Bitcoin presented by Mike Novogratz. Then, he said that the virtual currency could reach as much as $11,500 by the middle of 2018, however he decided to refresh his guesswork following the past weekend. Former Fortress hedge fund manager said yesterday that Bitcoin could be at $40,000 at the end of 2018 while Ethereum, which almost touched $500, might triple its value which would mean the price close to $1,500. He based his projections on an idea that companies cannot produce more Bitcoin in order to meet demand as opposed to other commodities such as oil or renewable energy products.

link do file download linkBitcoin (BTCUSD) surged from $8000 to almost $10,000 over the course of the past several days. Source: xStation5

Bitcoin has rallied recently, however there are two noteworthy levels which could serve as an interesting entry point for everybody interested in entering the market. The first one is placed at $9410 which is underpinned by a 23.6% retracement of the latest swing to the upside. When bears make a deeper pullback, one may look at $8900 as another possible notable support to join the ongoing rally, the level coincides with a 50% retracement of the same upward move.

link do file download linkCryptocurrencies’ capitalization has already exceeded unbelievable $300 billion. Source: coinmarketcap.com

The recent surge across digital currencies has contributed to a tremendous increase in total market capitalization as it’s already broken $300 billion, for the first time ever. Notice that total value of all cryptocurrencies has had a mind-blowing rise from ca. $182 billion at the beginning of November to the current $309 billion. At the same time Bitcoin has grown 54%, Ethereum has moved up 62%, Litecoin has gained 74%, Ripple has added 34% while Dash has soared as much as 128%.

link do file download linkEthereum (ETHUSD) is getting closer to the target we’ve outlined of late. After a breakout of a triangle formation the price has sped up its momentum and seems to be en route to $500. When this level is finally achieved, a possible corrective move to the downside cannot be ruled out. Source: xStation5

link do file download linkFinally Litecoin (LTCUSD) appears to be worth looking at as well. The virtual currency set its new record high on Monday but failed to retain those gains until the end of the day. As a result a slight pullback might be on the cards unless the price closes the day above $92. In case of a correction buyers could lurk around $82.5 where the closest support zone is placed. Source: xStation5