Bitcoin recovered 7.6% from Friday: what are the prospects?

[Pelevelyl]

If Soros became interested in crypto currencies, then it's worth to expect the price growth of bitcoin and other altcoins

It is possible that Soros started buying up all bitcoin since the beginning of this year. And soon there will come a time when he wants to fix his profit.

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[krauzzer02]

It is quite a stable fluctuations and a gradual increase this week breaking the stronghold of 9K USD. The recovery made a lot of progress even though some of the social media giants and google proclaims their bans and plans with the ICO and some platforms that are related to the cryptocurrency, it is still the dip as the ATH of 20K USD was beyond the reach of the pricing, real bull run will starts after breaking the resistance of 15K then bashing the barriers of the ATH.

[player514]

In April, the news background around bitcoin began to change. If in the first quarter of 2018 news and moods coincided, remaining negative, in April it may change, affecting the prices of cryptocurrency. Traders and owners of cryptocurrency will soon be able to see "good signs" for digital currencies — in particular, the interest of institutional investors. This was stated by the Director of Abra, and it seems he was not unfounded.

Growth of the cryptocurrency market over the weekend

On Friday, they began to talk about the fact that George Soros and his Fund, which manages assets worth $26 billion, are involved in cryptocurrency trade. As reported by Bloomberg, Adam Fisher, who is responsible for global macroeconomic investments in Soros Fund Management, has already received internal approval for operations in the crypto currency, but has not yet started trading.

In fact, the perception of the news is somewhat inflated as Soros Fund Management and George Soros himself made no loud statements. Specific plans for the future were also not announced. However, after Soros spoke critically about the "bitcoin bubble" last year, and now his name stands next to the word "crypto-trading", it did not take direct quotes and accurate plans to change moods.

Also, in the context of cryptocurrencies, another very significant surname appeared. The Rockefeller family and Their venrock venture Fund announced their collaboration with Coinfund crypto-investment group to "support cryptocurrencies and business innovations using blockchain technology".

The change of mood can lead to an increase in prices for cryptocurrencies, but there are no serious enough prerequisites for a long growth and trend reversal. Most likely, the cost of bitcoin will move in a sideways trend until it receives a serious impulse to rise in price or fall below, without finding the right demand at the currently designated support levels ($6,900 and $6,600).

It's likely we'll see some sustained growth. People have been coming out in support of Bitcoin and hinting at them buying into the markets again. Take for example, Dan Bilzerian who has a net worth of easily over 100 million:

http://bitcoinist.com/back-crypto-gambler-dan-bilzerian/

Not only will this add a whale into the market, but it also brings people closer to the idea of reinvesting into Bitcoin because they see this man putting his money in as well. If the trend continues, there will be growth for the next few weeks, but there may be a few slow downs along the way.

[wuvdoll]

To be honest I didn't expect for any reverse to happen any time soon. Maybe the downtrend is over, but I don't expect exuberance buying, because even though LN seems to have finally achieved a beta status, and it looks strong on the main net, we will probably need to wait some time before some services for the end consumer start showing up.

Hopefully we will have some small and controlled growth. More like as side-way trend, but with a little growth along with it. For me nothing has really changed, and my plan is the same. To accumulate as more bitcoin as I can, always knowing that we still have a long way ahead, and that it's still a risky investment, but worth taking, because it has potential.

Neither did I and everything before the huge reversal pump stated it would be another trend downwards but that is how market is anyway. Market's recovery progress is into action now a days I guess which will lunch the bullish market in coming days.

Sometimes we expect something and sometimes we get to see the other thing happening. This is the main reasons investors do not always bother looking at the craziness in any market and would rather just keep holding irrespective of what is happening. I believe so much in the long term potential of bitcoin and to me, it is all that matters.

[eaglewhite80]

Very helpful post, I hope it will guide a lot of us, and it will help us to grow and to be benefited about crypto currency.

Well, I feel the only thing that can guide anyone is to believe in the long term prospect and growth of bitcoin, no matter what is happening in the market. Most of these financial experts already know that, but sure, they will always want to have a better hand filled with this asset to benefit from it in the long run. No matter how it is though, we still have a lot of psychological resistances to break and that is the only time we can know if we are going anywhere or not.

[STT]

Heres my current view, the obvious target would be the 10,000 figure.   Of course this is purely arbitrary figure and every different country has a different figure in place here but dollar generally attracts most attention


https://i.imgur.com/kkAWwe3.png

There are finer measure then just 10k, I was looking at 9277 as a first rung on the ladder to recover the early March peak.   I think that is the immediate prospects OP might be asking about, confirm 9277 as support would be positive action.

[azguard2]

If this continues like this is could be that first target is returning to 10k. With this slow and stable uprising in price this is really good news for the moment. We had some setback in past few month bu think this is the right time for bitcoin and some other ctypto to slowly recover price.

[Whosdaddy]

Most of the times, the enthusiasm will surely start growing the more with news like this, but I really do not expect us to just all of a sudden start having some bullish momentum in that short period. The market will still take its time to finalize where it stands which is very normal and with that, we may not get to even see that much in huge growth this year.

Moreover, things are still looking good for now, and we just hope we may be able to find some upper level to consolidate without having to go back lower.