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Top 10 Cryptocurrencies are Tanking – Prediction of the Bitcoin Price in 2017 and 2018

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The major cryptocurrencies like Bitcoin, Ethereum, Litecoin and Ripple are down by more than one to eight percent today:

Source: coinmarketcap.com

I want to let you know what I think of the cryptocurrency market we are facing, as I’ve experienced what is happening previously (2014-2015).

Source: coinmarketcap.com

Cryptocurrencies tend to operate in a triangle, where something sparks interest, media coverage, prices are rising, and everyone is “making money.” One could argue that the latest surge in bitcoin and ethereum price is driven by ICO-enthusiasm. The prices tend to drive sharply upwards until deposits are matched by withdrawals and “take profits”. I believe bitcoin hit that crucial target at $3000 per bitcoin, and I hate to say it, but if history will repeat itself, the bitcoin price, including other cryptocurrencies, might fall by 70 to 80 percent in the coming years (2017 and 2018). The hype seems to be over. ICO-scams are appearing, and you can expect negative media coverage going forward, demanding regulation.

Cryptocurrency investors are impatient, so when they do not see that the price is rising but standing still, they tend to get bored and anxious. This might lead to a selloff which creates more panic in the market, and then prices go down.

I want to prepare our Gold Members of such a scenario. Of course, I might be wrong, that in this case the price will keep rising to 1 million USD per bitcoin (lol), but my gut feeling tells me we are continuing down to at least $1000 per bitcoin within the coming years (let’s hope I’m wrong).

What does this mean for you?

You should not hold more funds in cryptocurrencies than you can afford to lose and still be happy. Do not bet everything on the magical cryptocurrency economy. Put more funds into ordinary assets like Gold, Silver, and even corporate bond funds as I have.

Next week, I’ll let you in on a little investment secret that I believe will be a killer in the coming years. And I’m going to buy more and more shares of the X in order to take a bigger part of X. I’m excited.

Have a good weekend all.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.2 stars on average, based on 56 rated postsFounder of Hacked.com and CryptoCoinsNews




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23 Comments

23 Comments

  1. Roberto

    July 1, 2017 at 2:30 pm

    70 to 80 percent drop. This is an unrealistic article and I can’t believe it actually got published.

    • gullyfoyle

      July 1, 2017 at 3:51 pm

      Have you measured the bear from the last bubble?

      • Roberto

        July 1, 2017 at 4:12 pm

        I just think 70 to 80 percent is unrealistic. Maby 50.to.60. Wouldn’t you agree?

        • gullyfoyle

          July 1, 2017 at 4:27 pm

          I measured it @ approx 65% sometime ago, value lost so I suppose I agree- as 50% retracement is my personal target. I was just surprised by your reaction to the article, it seems entirely plausible.

          • Roberto

            July 1, 2017 at 4:47 pm

            Let’s just hope we are both wrong. Thank you for quick honest response. Have a great day. Any thoughts on max coin?

        • gullyfoyle

          July 1, 2017 at 5:46 pm

          Dunno about maxcoin, unless there is something special about it (AFAIK there is not and it’s a Max Keiser P&D, which he subsequently dumped himself, so I’m guessing there is still a strong or some community behind it) I’d trade it but not hold. Just my opinion, but I know next to nothing about it since 2014.

  2. juliengro

    July 1, 2017 at 2:32 pm

    I believe you are 100 just.!!!
    I party is over until beginning middle 2018

  3. flogy4031

    July 1, 2017 at 2:55 pm

    well, beside trading crypto-coins do not seolve yet any real world problem. So you might be right, but I believe the hype will go on a little longer (3000 USD/BTC is not a vey powerfull psichological level). I think we will se at least one more wave up, though I believe two waves up to the “magic” 10.000 USD/BTC are likely. If by then we can not use coins to actually do something they might take a BIG fall. And who knows, we might see large sacale adoption as currency by that time, or we will se another blockchain becoming dominant and with real world applications (ETH,LSK,maybe XRP)

  4. alphadreams

    July 1, 2017 at 3:17 pm

    Even in Fibonacci pullbacks, 38.2%, 61.8% is standard, but 70.7% and 88.6% are common too. So it can happen with bitcoin too. Cryptos have be regularly pulling back 50% of just their bull runs, so as wild as “70-80” sounds, it is quite possible. This article is just asking people to use care as with any investment portfolio to diversify.

    Gold, for instance, was thought to continue to grow, and it may, but there are always pullbacks. As the asset grows… so too do the corrections. The percentages remain, but the dollar amount increases and you should use care. Especially if 70+ percent puts the price lower than your current average entry into the asset.

    I’ve attached a chart, where gold pulled back after breaking $1000 and was as high as $1035! Everyone was excited, there was still fear in the economy and gold was the safety. Then it pulled back 70% to $688 before a huge rally to $1920 range. It later pulled back 70% again to almost the previous high of $1035. I hope this illustrates how large these moves can be in assets that are not stocks/equities.

    https://www.tradingview.com/chart/XAUUSD/lFXnCM8Z-Gold-70-7-pullback/

  5. cryptopalevu

    July 1, 2017 at 3:19 pm

    Jonas thanks for publishing this. As you know with the exchanges being backlogged for verification and such a new space, it is not so easy to make the conversion from Altcoins to Fiat… strategies on how to do that as well would be welcomed.

  6. cryptopalevu

    July 1, 2017 at 3:44 pm

    Remember: the internet boom reached 3 trillion before crashing hard, and cryptocurrency market is at 100 billion.

    Also, as opposed to the stock market where stocks are sold to fiat, a lot of crypto is *reinvested* into more successful cryptos.

    Having said that, I realize that Bitcoin and Ethereum hold the vast majority of the $$ where as the internet stocks were much more spread out in wealth.

    My effort here is to consider all factors and make the right decision.

  7. visiondream3

    July 1, 2017 at 4:07 pm

    I think during this bull run, many people got in at around $2000, so I think that figure may be a watershed moment. If they are frightened to hold on when the negative news kills bitcoin again, it will be worse.

  8. pradz

    July 1, 2017 at 4:14 pm

    Thanks Jonas,
    For the article. Little bummed out by your views, but as with every problem I’m sure a buying opportunity is around the corner and I’m sure you and the Chartbusters will figure out where.

    “there something strange….

  9. Tommy

    July 1, 2017 at 9:52 pm

    There’s the time to panic and screaming ;P guess all my alt’s just went in for a loong ride now. better just hold, then panic sell at 30% down. idk if they go 90% down, until the day i actually have to sell . (or loose them)

  10. wolfye82

    July 2, 2017 at 8:43 am

    Hi Jonas, all. Interesting point of view and yes also a plausible scenario. One thing that should be taken in consideration is the investments that big companies like Microsoft, IBM, Accenture and also big Banks are making in blockchain technlogy (mostly ETH and XRP driven), investments that were not so common in the past…. So, my feeling is that the drop could be not so dramatic.

  11. Chris G

    July 2, 2017 at 11:12 pm

    Thus far, Mate Cser has been spot on in terms of trading predictions. And this recent bubble is def. reminiscent of the 2014/2015 surge that brought so much attention to BTC. That said, obviously I wish I had held long-term positions in BTC when the price was around $400. The general consensus at this point seems to be 1. hold a long-term position, while 2. profit taking during the bubble. In terms of Ethereum, I’m dug in with about a $20k investment in mining equipment that I view as part of a long-term position. But big thanks to hacked.com and particularly Mate, whose advice has me at +$10k on cryptocurrencies at the moment … only risk what you can lose on this one!

  12. birmas

    July 5, 2017 at 4:39 pm

    I went long on a bunch of alt coins that are currently stored with poloniex. What are your suggestions in a case like mine? Should I withdraw my coins to local wallets or leave them and wait for the bounce? Advice appreciated 🙂

    • eriore

      July 5, 2017 at 7:57 pm

      I would personally advise against leaving crypto you aren’t trading in an exchange. There is always the possibility they can get hacked and someone steal a ton of crypto, only store what you are trading on the exchanges and anything else you would like to hold on a local or hardware wallet.

  13. Mr. Anderson

    July 6, 2017 at 3:32 am

    I strongly doubt this will happen especially in that time span. Perhaps when coin distribution runs out however I still think that is a reach because the price will be far too high by then. This month seems to have the best chance at seeing 1k with the proposals looming however many other positive influences are occurring across the globe simultaneously.

    Bitcoin is just now picking up steam and being regulated into normalcy by many governments. Let’s not forget that blockchain technology is secure by default (on the chain – primary vulns are endpoints and centralized infrastructure and gaps are closing), globally fault tolerant, enabling financial freedom from banks and gov corruption, disabling fraud and so much more. Currency was just the first application to be put on top of blockchain. Most of the FUD being flung is from those who stand to lose their way of life WHEN this becomes mainstream IMHO.

  14. godishere

    August 18, 2017 at 3:15 am

    Lol gut feeling. You’ll miss out big time, the chart says it’s crossing $10,000 by the end of this year. Haha.

  15. duberz

    December 7, 2017 at 9:51 pm

    and now 15k lol

  16. scottolson

    December 15, 2017 at 4:11 am

    Hello from the future , 17k $ at the moment, the party is getting hotter. It’s seems like no one could predict bitcoins next spike. So you’d better invest and put ur money around the bitcoin’s mania. That’s exactly what Benjamin books teach us, don’t follow the crowd, thx for your valuable thoughts

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Altcoins

Tron Price Analysis: TRX/USD Constructing a Head and Shoulders Pattern

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  • TRX/USD remains vulnerable to further downside, with eyes on the possible head and shoulders technical structure.
  • TRX/BTC bulls are having much difficulty breaking down huge area of supply.

TRX/USD Price Action

TRX/USD daily chart.

There has been little in terms of committed market direction. It appears that after the huge bull run, which was observed from mid-December until 10th January, the price is trying to find its feet again. The gains of that push higher were a chunky 180%, before quickly becoming unstable and losing some of that ground.

Head and Shoulders Pattern

TRX/USD head and shoulders formation, via daily chart.

A near-term ascending trend line can be observed via the daily chart. This could be forming a head and shoulders formation. The left shoulder and head have already been constructed, with attention on this possible right shoulder. It is currently moving back towards the trend line, acting as a neckline for the technical pattern. A breach could see a fast fall below the $0.020000 mark.

The next major area of support is seen at a demand zone, which tracks from $0.017500 down to $0.016000. TRX/USD last traded here on 20th December, when the bulls ran through this range, which at the time was acting as supply. At a worse case scenario, a failure of this zone holding will shift attention to the December low area, $0.011150.

TRX/BTC Bulls Cannot Break Down Big Supply Zone

TRX/BTC daily chart.

This trading week, the TRX/BTC bulls attempted on a few occasions,to break down heavy area of supply. It can be seen tracking from 0.00000700 up to 0.000007500. The price has not been convincingly breached since June 2018, a strong sign of the bearish trend gripping the market. Briefly on 10th January, an aggressive spike to the upside was observed, pushing above for a very short-time before the sellers piled in.

Weekly Chart

TRX/BTC weekly chart.

Looking via the weekly chart view, TRX/BTC has been pushing higher for the past three consecutive weeks, at the time of writing. Despite this run of gains, the technical picture does still somewhat express some vulnerabilities. The large upper wick produced during the week which commenced 7th January appears to be a bearish pin bar formation.

If this week fails to close in the green, it could suggest that a larger wave of selling pressure may materialize. Typically, the types of candlesticks described above tend to come ahead of downside pressure. In addition, then numerous rejections seen within the earlier detailed supply zone, stacks favorably for the bears.

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 110 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Altcoins

Monero Price Analysis: Stronger Malware to Mine Monero; XMR/USD Has Room for Another Potential Squeeze South

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  • Researchers: a stronger malware has been uncovered, which can mine Monero.
  • XMR/USD price action remains stuck in a narrowing range, subject to an imminent breakout.

The XMR/USD price has seen some upside on Saturday, holding gains of around 3% towards the latter stages of the day. Despite the press higher from the bulls, a move which has been observed across the cryptocurrency market, vulnerabilities remain. Price action has been ranging for the past nine sessions. Once again, this isn’t specifically just XMR, as this type of behavior is witnessed across the board. The narrowing in play came after the steep drop that rippled across the market on 10th January.

Price action was initially well-supported to the upside by an ascending trend line, which was in play from 15th December. This at the time was a very promising recovery, as XMR/USD had gained as much as 55%. Unfortunately, however, the bulls were unable to break down supply heading into the $60 region and were eventually dealt a big hammer blow. On 10th January, the market bears forced a heavy breach to the downside, smashing through this support. The price had dropped a big double-digits, some 20%.

Stronger Malware Mining Monero (XMR)

There is a dangerous form of malware that can bypass being detected and mine Monero (XMR) on cloud-based servers. A recent notice was put out by Palo Alto Networks’ Unit 42, an intelligence team that specializes in cyber threats, regarding a Linux mining malware. This was detailed to have been developed by Rocke group, which has the ability uninstall cloud security products. It can do this to the likes of Alibaba Cloud and Tencent Cloud, to then illegally mine Monero on compromised machines.

The two researchers from Palo Alto Networks, Xingyu Jin and Claud Xiao, detailed the findings of their studies. Once the malware is downloaded, it takes administrative control to initially uninstall all cloud security products. Shortly after, it will then then transmit code that will mine the Monero (XMR). Further within their press release, they said, “To the best of our knowledge, this is the first malware family that developed the unique capability to target and remove cloud security products.”

Technical Review – XMR/USD

XMR/USD daily chart.

Given the current range block formation, eyes should be on the key near-term technical areas. Firstly, to the downside, $43, which is the lower part of the range. A breach here will likely see a retest of the December low, $38. To the upside, resistance be observed at around the mid $46 level. Should a breakout be observed here, then a potential retest of the broken trend line will be watched.

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 110 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Altcoins

Litecoin Price Analysis: LTC/USD Bulls Enjoy Big Jump But Stubborn Resistance Capping Potential

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  • Litecoin sees a relief rally on Friday, but is still stuck within stubborn range-block.
  • LTC/USD price action has formed a bearish flag pattern structure, subject to a potential break lower.

The Litecoin price on Saturday was seen holding decent gains of over 5%, as life is kicked back into the bulls. The LTC/USD pair has been victim of trading within a stubborn daily $3 range. This very much being the case for the past nine trading sessions. It is a form of consolidation after the breach south from an ascending trend line. This had been supporting the price from 14th December 2018, up until the bears forced a breach on 10th January.

In light of the breakout below the above-mentioned trend line, a large wave of selling pressure came with that. LTC/USD plunged by as much as 25% to the lowest levels seen since the start of the month. The earlier described range-block formation has come as a result of the increased volatility that accompanied the break south. The high of the range should be noted at the $33 mark, with the lower support eyed down at the psychological $30 level.

Bear Flag

Given this type of price behavior from a technical standpoint, it appears to demonstrate some vulnerabilities to the downside. The calming and consolidating after an initial explosive drop lower to then potentially resume the selling pressure reflects this point. As can see from either the 4-hour or daily chart, price action has formed a bearish flag pattern. When the market fell from 9-10th January, this formed the pole of the bearish flag of the structure. The actual flag is currently being constructed, as part of the sideways trading being observed.

Lightening Network Trial Underway

As reported by the CCN team, Coingate, a cryptocurrency-based payments platform, has now executed a trial run of its Lightening Network via Litecoin.  The platform has partnered up with a privacy service provider, known as Surfshark for this pilot project. Within the partnership, the implementation of Lightening Network payment solution for Litecoin transactions is a big milestone for the cryptocurrency community.

Technical Review – LTC/USD

LTC/USD daily chart. A bearish flag structure can be seen.

As detailed earlier, a breakout from the range-block formation will be the next trend defining move. Should the bears manage to force a break below the lower support, tracking at $30, then a demand area below will be called into action. This can be observed tracking within the $28 price region, which is a known area to find buyers. A failure to do so could see LTC/USD drop back down towards $23-22 range.

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 110 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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