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Market data is provided by the HitBTC exchange.
Experts are divided over the future behavior of the crypto markets. Mike Kayamori, CEO of Quoine, expects Bitcoin to make new lifetime highs by the end of next year, and believes that the bottom is close to current levels.
On the other hand, Malachi Salcido, head of Wenatchee, Washington-based Salcido Enterprises, expects the situation to “possibly get a little worse before it gets better,” reports Bloomberg. He anticipates markets to bottom out in February of next year.
Though the markets are way below their lifetime highs, it has not deterred investments from large players. The ability of new ventures to raise funding shows that interest in the space is alive and the markets have a bright future.
In a recently published report, American global management consulting firm A.T. Kearney suggests that Bitcoin will reclaim two-thirds of crypto market capitalization by end of next year. Currently, Bitcoin dominance is about 54 percent. This means that Bitcoin will move up at the expense of altcoins. Investors should avoid buying shady cryptocurrencies and stick to ones with visibility.
The main trend in Bitcoin is down. For the past two days, the bulls have been trying to defend the trendline of the pennant but have not been able to push prices higher. This shows a lack of buying at higher levels and selling pressure. The moving averages are sloping down and the RSI is close to oversold territory. A breakdown of the pennant will resume the downtrend and has a pattern target of $2,416.52.
We believe that the BTC/USD pair will witness strong buying in
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