Bitcoin – we still hold long trades!


Cryptocurrency market started this week in slightly negative moods following news that the CFTC accused four founders and executives of BitMEX, one of the world’s largest cryptocurrency derivatives exchanges, of evading rules designed to stop money laundering. Also President Trump’s decision to halt stimulus talks until after the November’s election affected the market negatively this week, but it is slowly starting to recover again. Bitcoin’s market dominance increased to 58.5%. The capitalization of all digital assets in circulation increased to 344 billion, while an average daily trading volume is registered at $90 billion.
Bitcoin could reach $14,000 in 2020 and $100,000 in 2025, according to a Bloomberg analyst
According to recent Bloomberg report Bitcoin is in a period of low volatility and could reach $14,000 in 2020 and $100,000 in 2025. Mike McGloone, Senior Commodities Strategist for Bloomberg Intelligence expects that Bitcoin will continue the “historical trend” .McGloone believes that Bitcoin’s fundamentals have remained strong. Specifically, the increase in the hash rate that has reached a new all-time high and the number of active Bitcoin addresses “is equivalent to a price of about $15,000”.
BITCOIN – price bounced of the upward trendline and is currently testing major resistance level at $10,900. If buyers manage to break above it, an upward impulse towards $11,175.00 could be launched. On the other hand, once sellers regain control, the support at $10,600 may be at risk