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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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Analysis

Markets Looking for Direction as Dow Eyes All-Time High

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Global stocks have been trading without clear direction so far today, even after Asia kicked off the day in a bullish fashion, with the Shanghai Composite rallying for the second session in a row following Trump’s tariff announcement. The Nikkei retreated a bit after its recent surge, but Europe followed China’s lead and the majority of US stocks are also sporting gains, even as the Nasdaq is in the red, with the likes of Amazon (AMZN), Microsoft (MSFT) and Apple (AAPL) lagging behind.

Dow 30 Index Futures, 4-Hour Chart Analysis

The Dow, which has been relatively strong in the past weeks is outperforming again, thanks now mainly to the jump in mega-cap banks, and the index is edging ever closer to its all-time high from January which is less than 1% away currently. Should the industrial average set a record high, the correction that started with the February mini-crash would be erased by all the US indices, further widening the divergence compared to the rest of the world.

DAX 30 Index CFD, 4-Hour Chart Analysis

Looking closer at Europe, the DAX is trading at its highest level since the first days of the month, similarly to the EuroStoxx50, but the longer-term downtrends are not in danger yet. British assets were in the center of attention today, since the CPI came in higher than expected in the UK, giving a brief boost to the Pound in the generally choppy environment in the Forex segment.

In the US, the housing market provided the most excitement, with building permits significantly missing the consensus estimate of 1.31 million, coming in at 1.23 million, while housing starts beat expectations with 1.28 million units vs. the 1.24 units expected. The sector remains under pressure from rising rates, and activity is clearly below the cycle-peak earlier this year.

US Yields Continue Surge after the BOJ Meeting

2-year US Treasury Yield, 4-Hour Chart Analysis

The upward pressure on yields is apparent today again, with Treasuries plunging and rates rising across the curve. Today, the 30-, 5-, and 2-year yields all hit multi-year highs, and the 10-year yield is also close to the highs it hit in May, as rate hike odds continue to climb before next week’s Fed meeting.

USD/JPY, 4-Hour Chart Analysis

The Bank of Japan didn’t surprise the market today, sticking to its policy despite some recent tightening rumors, and the Yen is virtually unchanged after the decision, with a slight bullish bias.

Gold Futures, 4-Hour Chart Analysis

Commodities are higher today, even as copper gave back most of its early gains, with gold drifting higher towards the $1210 level and WTI crude oil getting back above the key $70 per barrel level. The precious metal is boosted by the slightly weaker Dollar, while oil gained ground after the larger than expected crude inventory draw in the US.

Featured image from 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 348 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




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Analysis

Crypto Update: Worst Seems to be Over for Stellar and Cardano

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With so many cryptocurrency pairs losing as much as 90% of their value from this year’s high, it may seem that altcoins are deep in bear territory. Even if you’ve been following our bullish breakout series, the pullbacks in the last two few weeks would have made it easy for you to doubt our claims. However, we stand by our assertion that the overall crypto sentiment is slowly becoming bullish. The altcoins that we cover today serve as additional evidence.

In this article, we show how the worst appears to be over for Stellar and Cardano.

Stellar/Bitcoin Analysis

The last two weeks have been very difficult for Stellar/Bitcoin (XLM/BTC) investors. The pair appears to have breached the uptrend line when it dropped to as low as 0.00002933 on September 11, 2018. At that price level, XLM/BTC lost over 56% of its value from the 2018 high of 0.00006789.

Those who cut their losses after the pair breached the uptrend support would have been badly whipsawed. Stellar/Bitcoin eventually managed to recover the support.

Weekly chart of Stellar/Bitcoin

With the recovery of the support, the outlook is bullish for XLM/BTC. First, the false break of the support is bullish. In most cases, this can ignite a rally to the top end of the range or the resistance.

In addition, the weekly RSI appears to have broken out of its own falling wedge. This is a very good sign that bulls are gaining momentum. Keep in mind, the RSI has been trapped inside this falling wedge since April 2018.

Lastly, the recovery of the support marks the end of the E wave, which is often the last wave down. With bulls taking back the support, we have a convincing case that the worst is over for XLM/BTC.

Cardano/Bitcoin Analysis

Just like XLM/BTC, the last two weeks have also been difficult for Cardano/Bitcoin (ADA/BTC).The pair came off lows of 0.00000969 on September 12, 2018. At that point, the market was down by almost 90% from the 2018 high of 0.00008788.

To many crypto investors, ADA/BTC may be fighting to stay alive. Bears have given their best shot and it may have appeared that the market was down for the count. However, just as ADA/BTC looked hopeless, the market bounced back like a true champion.

Weekly chart of ADA/BTC

As if on cue, ADA/BTC bounced as soon as it hit the support trendline of the falling wedge. This price action emboldened bottom fishers to enter long positions. The increasing demand coupled with decreasing supply due to bearish exhaustion are creating the ideal conditions for a bullish reversal.

As of this writing, ADA/BTC is taking out resistance of 0.000011. Breach of this support will enable the market to reverse its trend and bid goodbye to bear territory.

Bottom Line

Cryptos are slowly stepping out of bear territory. The last few weeks have been difficult but overall, altcoins are becoming bullish. This seems to be the case for both XLM/BTC and ADA/BTC. The worst appears to be over for the two altcoin pairs as they prepare to finally reverse their trend.

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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3.6 stars on average, based on 235 rated postsKiril is a financial professional with 4+ years of experience in financial writing, analysis and product ownership. He has passed all three CFA exams on first attempt and has a bachelor's degree with a specialty in finance. Kiril’s current focus is on cryptocurrencies and ETFs, as he does his own crypto research and is the subject matter expert at ETFdb.com. He also has his personal website, InvestorAcademy.org where he teaches people about the basics of investing. His ultimate goal is to help people with limited knowledge of finance and investments to create investment portfolios easily, and in line with their unique circumstances.




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Analysis

Ethereum Making a Decision Where to Go

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Ether is losing its value slightly today on Sep 19, trading at around $207.98. Losing 0.25% on Wednesday is not that surprising after a very hard Monday (although Tuesday was neutral). The crypto was above $210 when the session started, but then failed to stay near the local highs, says Dmitriy Gurkovskiy, Chief Analyst at RoboForex.

On H1, the bearish trendline is at $216, which is confirmed on D1. The resistance levels at $216 and $220 are strong, and they must be broken out in order to go up or at least pull back upwards.

In case Ether fails to find any drivers, it will likely consolidate at around $205. This is exactly where the key support lies, while the resistance is at $216, as mentioned above.

The MACD is negative on D1, moving along the signal line, still giving a moderate buy signal, while the Stochastic is not going anywhere and is not issuing any signal, while being in the positives.

Lately, Ether is very much volatile, with no certain direction. Last week the cryptocurrency spiked 32%, but early this week it reverted and started falling. Ether is vulnerable to the general negative sentiment in the crypto market, although the inside news influence it, too.

People are waiting for the Constantinople update, as well as for the introduction of Ether futures on CBOE which should take place before the end of the year. Meanwhile, low activity in ICOs does no good to Ether’s price either.

Recently, news has come that the Ethereum network reduced its reward for mined blocks, from 3 to 2 ETH. This nearly equals the profits of Ether and Bitcoin miners, so some ETH miners are sure to switch to Bitcoin after this happened, especially those that are unable to cover their costs and expenses (and there are quite a few).

The only positive piece of news now is the pending payment option in MyCrypto wallet designed by Ethereum. This option enables scheduling the payment date and time, which simplifies matters when it comes to recurring payments, such as subscriptions.

Disclaimer

Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

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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4.4 stars on average, based on 7 rated postsHaving majored in both Social Psychology and Economics, I went on to continue my education in post graduate. Later I worked as a team lead of a tech and fundamental analysis lab in the Applied System Analysis Research Institute. This helped me to acquire all necessary skills and experience to become a successful trader and analyst, as well as a portfolio manager in an investment company. I'm a pro in the financial field and the author of articles for various international media. I also hold the position of Chief Analyst at RoboMarkets.




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Hacked.com and its team members have pledged to reject any form of advertisement or sponsorships from 3rd parties. We will always be neutral and we strive towards a fully unbiased view on all topics. Whenever an author has a conflicting interest, that should be clearly stated in the post itself with a disclaimer. If you suspect that one of our team members are biased, please notify me immediately at jonas.borchgrevink(at)hacked.com.

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