BTC Market Update 28.06.2018
It seems as though we will see lower prices in Bitcoin in coming weeks judging by the lack of price action at the recent lows and key support area near $6000 USD. The yearly low of $5873 (coinbase) saw a sharp snap back in price indicating back in February that buyers were supporting this price area. Most analysts will argue this was a dead cat bounce. However, this cannot be said of the retest near these price areas back in April and now June. We did not see much big but volume company in. Market manipulation may have been the initial cause for such a steep price correction in price but it seems the fear of new investors and the lack of confidence in the market generally has caused a far steeper correction.
In the coming weeks, we expect Bitcoin to hit the $5000 USD price level and then possibly $3000 USD. Both these levels have been back tested and do offer support. This will mean both BTC and ALT coins in general will bring the entire market capitlisation down even further. Make no mistake, experienced investors will be accumulating while new investors are fearful. They know that the market is getting ready to see a huge influx of money in the coming months. The chance of a mini BTC rally seems to be diminishing by the day as price struggles to bounce at the current support level.
The cryptocurrency market cap at the time of writing is $245 Billion USD. Based on lack of buy volume , many big investors and whales are not willing to part with their funds. We have heard from very reliable sources in the past few weeks including Mark Novogratz (Galaxy Digital) who was being interviewed on the Bloomberg channel, and some leaked video reports on YouTube of Teeka Tiwari of Palm Beach Confidential, that regulators and custodial issues seem to be holding back real serious money from entering the market place.
In Mike's case he is of the opinion that the Crypto Currency market cap is set to hit $20 Trillion USD over the course of the next few years. He also suggested in his interview that what we saw towards the end of last year was just the retail bubble. But the institutional bubble is still yet to come.
While Teeka has been on his global travels, he has been actively meeting up with many hedge fund groups, VC's and private high net individuals, who are ready and waiting to invest into the crypto space as soon as regulatory and custodial issues have been settled by the SEC and CFTC. In his opinion we are set to see trillions of $ USD enter the space. Both are of the opinion that if you sell your cryptocurrency out of fear at this point you will lose out on a great wealth transfer in the coming months and years. Please watch both the videos linked above for their thoughts.
This is not financial advice and investing in cryptocurrencies carries very high risk. Be prepared to lose all of your money. Please do your own research and consult a financial advisor.