Bitcoin (BTC) Set for Correction at $7,500 As Bulls Slow
The past week has seen some very positive action for Bitcoin (BTC) and the cryptocurrency market as a whole.
Upward movement, however, has now reached the top of the yearly downtrend pattern. Barring an unexpected injection of positive liquidity to the market it’s likely we’ll see resistance before $7,600 followed by a retracement to sub-$7,000 levels.
With almost a month still before the possibility of any positive news from U.S. regulatory bodies, it’s unlikely the bullish sentiment will build further momentum past $7,600.
Strong support is likely to be seen at $6,650 around mid-September, after which high volatility could see a break above the key resistance level of $8,500. This will represent a new phase for the cryptocurrency market as we move into the fourth quarter of 2018 and likely a growing bull market towards year end.
In other BTC news
In other news, Bitcoin hard fork Bitcoin Gold (BTG) has been delisted by major cryptocurrency exchange Bittrex following a theft of 388,000 BTG (approx. $18 million at the time). The delisting comes as a result of the Bitcoin Gold development team being unable to refund a partial amount of the losses.
Recent predictions for the future price of Bitcoin include a $144,000 prediction by advisory firm Satis Group, which believes the coin will reach that price by 2028. On the negative side, convicted felon and Wolf of Wall Street author Jordan Belfort believes the nature of BTC allows scams to occur and it’s “going to evaporate like a mirage.”