Cryptocurrencies

Crypto Analysts Predict Path Ahead for Bitcoin – BTC, Ethereum, XRP, Litecoin Forecasts

By September 11, 2019 No Comments

This article was originally published here.


 

Crypto analysts are weighing Bitcoin’s potential path ahead, as the leading cryptocurrency struggles to stay above the key psychological support level of $10,000.

A popular analyst known as Dave the Wave tells his 13,000 followers on Twitter that if Bitcoin repeats its pattern from the last big rally in 2017, it may be poised to drop to $7,000 or lower in the short term.

Fellow analyst Jonny Moe tells his crew of 16,000 he’s also feeling bearish on BTC’s short-term prospects, sharing a chart that compares the launch of Bakkt to the launch of CME’s Bitcoin futures in late 2017.

But according to Moe, the drop will be short-lived. He believes Bitcoin is poised to reach all-time highs in the new year.

Taking a giant step back for a broad overview, Ikigai Fund’s senior quantitative researcher Hans HODL dropped 21 Bitcoin charts from Coin Metrics to rebuff the naysayers. The charts highlight Bitcoin’s long-term momentum.

Says HODL,

I’ve heard people say that being involved in Bitcoin is a game of speculation. Some say it’s all about FUD, FOMO, Fear and Greed or following the crowd. I call BS. Let’s look at the data! Here are 21 Bitcoin charts from Coin Metrics that tell a different story.

The amount of data being stored on the blockchain has been increasing constantly, regardless of the price. Why do people want to transmit data on the Bitcoin blockchain? It’s all about trust and the ability to transfer value without asking permission!”

Right now, Bitcoin is down 1.51% in the last 24 hours at $10,050, according to COIN360. Ethereum is down 1.54% at $176.94, XRP is down 2.16% at $0.2528 and Litecoin is down 4.03% at $68.71.

Source: COIN360

Meanwhile, the latest crypto forecast at Bitcoinist analyzes the potential upside for BTC, outlining what it will take to power a short term rally.

“Despite price levels forming a falling wedge volume levels are much higher than they were at the end of August…

More consistent buying pressure needs to come to fruition in order for bitcoin to see a bullish breakout of the falling wedge and re-test the breakout point at $10,500.”

Here’s a look at the latest analysis from across the cryptosphere.

Bitcoin

BitcoinistBitcoin price analysis: Falling wedge spotted at $10,000

CoinDeskBear Trap? Bitcoin price dips below $10K on low volumes

Ethereum

The MerkleEthereum price pushing to resume growth

XRP

FXStreetXRP/USD lack of directional commitment creates vulnerabilities

Litecoin

FX EmpireBarring broad crypto rally, LTC’s first major resistance level at $72.79

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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