As analysts ponder the future of Bitcoin in 2019 (on its 10th anniversary!), the cryptocurrency is testing the $4000 mark, moving up to $3897 as of press time. That’s a big psychological number for traders who want to know if Bitcoin is going to be supported by new use cases and institutional buy-in in 2019, or fall lower into the ‘junk’ range.
In some commentary today, Yuval Gov breaks it down around Bitcoin’s technicals.
“We can see the decent breakout of the descending trend-line around $3710 …” Gov says. “However, (the) Stochastic RSI oscillator … has crossed over at the overbought area. For the next hours, Bitcoin might visit lower support levels, maybe to gain power for a possible future mini-rally.”
Gov also covers possibilities for the bulls.
“From the bull side, $3950 is the prior high from a week ago,” Gov writes. “In case that $3950 breaks up, the next resistance area is $4050 – $4200. As a reminder, there is still a possibility for a bullish formation of an inverse Head and Shoulders pattern (with targets around $5000 in case of a breakout above $4200).”
Longer-term analysis comes from sources like this Bitcoinist article written yesterday talking about what you can expect for the year ahead.
First, Osato Avan-Nomayo mentions the Bakkt coin futures platform that raised nearly $200 million in its first round of funding.
Those familiar with the “crypto power couple,” Jeff Sprecher and Kelly Loeffler, understand how the New York Stock Exchange has a finger in the cryptocurrency pie. Then there are other quarterly reports like this one from Cointelegraph today. William Suberg talks about how an Estonian digital trading platform called DX Exchange will offer tokenized stocks on Ethereum blockchain using the NASDAQ’s financial information exchange protocol.
Going back to the Bitcoinist piece, which looks ahead at the year to come (heavy on the first quarter) Avan-Nomayo also takes time to mention the VanEck/solidX Bitcoin ETF.
For those who haven’t been following this saga – the United States Securities and Exchange Commission rejected several bitcoin ETFs in 2018, without ruling on the VanEck option. That was kicked down the road until February, at which time we might expect the SEC to make a decision. If their decision is favorable, an idea that has been promoted by some experts, you’ll have much broader Bitcoin investment, and that would likely lead to a boom in Bitcoin prices.
These are all good dates to look out for as you track Bitcoin prices throughout the year. For now, both Bitcoin and Ethereum are experiencing positive growth, although ETH is a real winner with almost double its price in mid December 2018.
Keep an eye on analysis and indicators as we really move into this brand-new year.
