On Wednesday, Swiss forex bank Dukascopy predicted Bitcoin’s short-term price target based on its hourly, daily, and weekly charts.
Jean Francois Owczarczak, director at FinGraphs, stated that NASDAQ was related to cryptocurrency. Both their daily and weekly graphs indicate a strong uptrend. However, he highlighted that the NASDAQ’s risk index on both the weekly and daily graphs is getting overbought.
This might lead to some price correction in the NASDAQ and growth trades that can in turn result in some regression in and other cryptocurrencies in the coming weeks. It is believed that the current uptrend will continue through next spring for Bitcoin and.
Owczarczak gave an in-depth opinion on Bitcoin saying it:
[It] is still in an uptrend here on our weekly graph we’ve had a strong correction into early summer and then a nice recovery since then we believe this consolidation range is still working its way and that at some point into mid-late October perhaps November it should find support to move higher and attest the highs it did this spring. Although the risk index is quite low, it does allow for some potential upside.
The daily graph shows that Bitcoin remains in an uptrend. The trend has been bullish ever since July. Owczarczak feels it is now retracing. There may be some further negative retesting, but no new lows. He added:
Our view is that we could probably make it back below $40,000 perhaps towards $35,000 over the next month or so, maybe the next few weeks and then gradually build the base into late October-November and then accelerate up into next spring. We think we will be able to make even higher levels by then.
According to CoinMarketCap.com, Bitcoin traded at $48,126 as of press time. This was an increase of 2.11% over the previous 24 hours and 3.68% for the week.
Despite Bitcoin’s fall from its all-time high of nearly $65,000, Ark Invest’s Cathie Wood is quite confident that the flagship cryptocurrency could hit $500,000 within the next five years.
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