THE BULLS ARE BACK AND THE BEARS ARE RUNNING FOR COVER! Current MC: $123.75B and growing like bamboo.
We have been breaking records daily as I predicted. With the lock-in of SegWit today we are just getting started. Bitcoin is headed for another breakout and we seem to be moving about $100 a day currently. The total market cap has just exploded as people reinvest and bring friends on board. Institutional investors are drooling over the massive gains and the smart ones are hopping on board now. About a week ago the Ripple team released a statement about the Fed basically giving their coin the stamp of approval and they are working on incorporating crypto into their payment systems. These are all great signs that we are in a second massive rally- I believe the next stop is $200B MC.
In today's chart you will see the support holding strong at $3340-3350 as the market begins to rally. The smooth transition after the hard fork combined with the locking in of SegWit is hyping up investors. There are news articles and tons of air time with people talking about Bitcoin and its massive rally. The haters are still calling it a scam while we are all here counting our hundos :P
Expect to hold steady in the $3350- 3450 range until more volume picks up today at which point we will approach all time highs again. I don't know if I have ever seen Bitcoin so bullish before and this is a really exciting time to be alive as we see money literally being redefined. If we get another pop in volume expect $3500+ Bitcoin today as the market experiences some serious FOMO!
Likely Scenarios:
- BTC drops back down to $3350 and then rallies back to $3450
- BTC holds strong above $3380-3400 range and experiences a surge in volume later tonight pushing up to $3480 zone
- BTC picks up the volume that I expect and we shoot past record highs AGAIN landing somewhere $3500+
TLDR Version:
Market remains EXTREMELY bullish as money just keeps flowing into the cryptosphere. Increased government attention is actually turning out to be good for the markets as regulation= stability. Expect to stay above $3350 for most of they day.
Price Target:
$3540
*Never invest more than you are willing to lose and always do your own research before making any investment decisions.