While bitcoin has fallen a lot, it has likely hit the bottom. The many models I provide give different price targets for different times, but the common targets seem to be about $25,000 by the end of the year and about $91,000.
We could see a spike to $74,000 by early September, or even a spike to $130,000 by mid 2018, or we could just get $20,000 by midyear. Yes.
Based solely on the 1-year technical graph of NYSE Bitcoin Index (NYXBT), bitcoin looks a great short-term buy with the W%R at -100.00 (extremely oversold and the lowest reading possible) and the RSI at 33.20 (almost oversold). The price is at its 200-day moving average, which could be significant support.
The price is also near its lower Bollinger Band, a possible buy signal, and has formed a bullish double bottom. Bearish news of governments possibly banning bitcoin was one of the biggest fears leading up to the cryptocurrencies big plunge.
On September 8, bitcoin plunged on news of bans by Chinese exchanges, but that fear was later capped by the government allowing bitcoin to trade over-the-counter. On November 8, India also banned bitcoin as a currency but embraced blockchain technology. Read more from seekingalpha.com…
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