This is a healthy correction. We have bounced from 600 twice already, so this looks like a long term bottom. In an unstable market, right after a big dump in early spring we weren't ready for another push towards 20k, so this is what we get: 6k-10k, back to 8k and another push up to shorten the range. We've seen it before.
As for 36k and more they are right, but the market needs to take while before it's ready. Probably 2 years...
Topic: [2018-05-11] Mining efficiency will launch bitcoin to $36,000, analyst says (Read 125 times)
May 11, 2018, 01:11:14 PM
May 11, 2018, 10:39:19 AM
Mining efficiency will launch bitcoin to $36,000, analyst says
Altcoins begin Friday showing double-digit losses
Bitcoin on Friday broke below a short-term support line at $9,000, extending selloff in the previous session that took all major currencies into the red for the week.
A single bitcoin BTCUSD-5.31% last traded at $8,721.17, down 4.1% since Thursday’s levels at 5 p.m. Eastern time on the Kraken exchange.
The price of the No. 1 digital currency had spent the best part of the week consolidating after nearing the $10,000 mark late last week. However, that phase now appears to be breaking, giving some analysts cause for concern.
“It’s worth noting that while this could be a significant breakout to the downside, we have pierced the $9,000 level a few times throughout this time but each time price has rebounded back above,” wrote Craig Erlam, senior market analyst at Oanda in a research note.
“A significant close below here today could signal another period of downside for bitcoin, which has seen a number of false dawns since the collapse in its price around the turn of the year.”
Mining economics have bitcoin on track for record high
In a Thursday research note, Fundstrat Global Advisors, one of the markets biggest crypto bulls, said the bitcoin mining price dynamics have the No. 1 digital currency on track to reach $36,000 by the end of 2019.
Mining efficiency is an important facet of the cryptocurrency market, and Fundstrat said that higher hash power—the processing speed required by computers to generate a bitcoin—will propel bitcoin to a new all-time high.
source: https://www.marketwatch.com/amp/story/guid/ABB63C56-550D-11E8-AF0C-DE1A18924019?espv=1
Altcoins begin Friday showing double-digit losses
Bitcoin on Friday broke below a short-term support line at $9,000, extending selloff in the previous session that took all major currencies into the red for the week.
A single bitcoin BTCUSD-5.31% last traded at $8,721.17, down 4.1% since Thursday’s levels at 5 p.m. Eastern time on the Kraken exchange.
The price of the No. 1 digital currency had spent the best part of the week consolidating after nearing the $10,000 mark late last week. However, that phase now appears to be breaking, giving some analysts cause for concern.
“It’s worth noting that while this could be a significant breakout to the downside, we have pierced the $9,000 level a few times throughout this time but each time price has rebounded back above,” wrote Craig Erlam, senior market analyst at Oanda in a research note.
“A significant close below here today could signal another period of downside for bitcoin, which has seen a number of false dawns since the collapse in its price around the turn of the year.”
Mining economics have bitcoin on track for record high
In a Thursday research note, Fundstrat Global Advisors, one of the markets biggest crypto bulls, said the bitcoin mining price dynamics have the No. 1 digital currency on track to reach $36,000 by the end of 2019.
Mining efficiency is an important facet of the cryptocurrency market, and Fundstrat said that higher hash power—the processing speed required by computers to generate a bitcoin—will propel bitcoin to a new all-time high.
source: https://www.marketwatch.com/amp/story/guid/ABB63C56-550D-11E8-AF0C-DE1A18924019?espv=1
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