Kenneth Rogoff who is a Harvard economist now believes that Bitcoin can drop to the $100 value in a decade. He further explained that the rise and the continuous regulation of Bitcoin is one of the aspects which will bring down bitcoin and subject it to this low value. On the other hand, the analysis and the investors believe that cryptocurrencies will be involved in an improving trend because of their demand. Therefore, we believe that people will be involved in the purchase and this will propel the prices very high. Additionally, the regulations which are happening will stabilize the prices of Bitcoin and other cryptocurrencies.
Therefore, the major bitcoin entrepreneurs have taken the rebuilding task of the Puerto Rico economy which has been considered a natural disaster and also the shortage of funds. This is considered a new experiment, and in case it faces success, it is likely to be implemented in many other places in the world. On the other hand, the reason why the investors and the analysts think that Bitcoin and cryptocurrencies will be a success is the fact that large corporation and large companies have been growing in acceptance of the cryptocurrencies. This is considered a bullish sign.
In the last few days, we have been in expectation for Bitcoin to break out and improve to the target price level of $13,000. However, the bulls have proven to have a strong defense at the $12,200 levels. Therefore, this has not been possible for Bitcoin.
Feb 5, which was yesterday, the BTC/USD pair was involved in reaching a high of around $11,934.08. However, the cryptocurrency could not break out of the resistance level. Currently, the cryptocurrency has been involved in a drop past the $11,100 mark and now trades at $10,510. This represented a drop below the support level.
However, we are still not sure if the cryptocurrency will be involved in a downward or an upward progression, but we expect it to remain within the $9,500 and $12,200 range. Therefore, we still do not make any recommendation to buy or sell the cryptocurrency at the time.
We had recommended traders and investors to raise their Ethereum stops to the $830 during the previous analysis. We also were in anticipation that the cryptocurrency would improve slightly. This was not the case. Currently, Ethereum stands at the $785 level, and this represents a significant drop.
He bears have succeeded in pushing the cryptocurrency on the downward trend to the $780 levels. However, we expect the next support level to be at the $723 level. From the last analysis where Ethereum sold at $868, it has been faced with a significant drop in prices.
We had suggested long positions between the $850 and $900 to continue for some days, and this has not been the case. We are still not sure of the next move, but if the cryptocurrency reaches the support level, we might see it bounce back to its normal price levels.
Bitcoin cash in the recent days was involved in a surge to the levels above the $1,250 level. The cryptocurrency has been consistent at this price level for various days even when the other cryptocurrencies were involved in a drop. However, Bitcoin cash has today dropped below the support level of $1,250 to the $1,151 levels.
Therefore, the previously forecasted price levels were not possible. According to the current price levels, the bears have succeeded in pushing the prices to the lower end of $1,150 levels. However, the current support level is in the $950 range. Upon reaching the lowest price, however, the cryptocurrency might rise to the $1,355 levels.
During the previous analysis, ripple had improved in prices to the $1.01 levels, and this represented an improvement slightly above the set resistance level. Ripple has since dropped to its normal price of $0.89, and this represents a significant drop in price.
We were expecting the next resistance zone to be at the $1.2296 level and this has not been the case. However, once the cryptocurrency reaches the lowest price level, it’s likely to improve above the $0.95 range in a few weeks. We do not find any tradable XRP/USD pair at the time.
IOTA has been consistently been involved in a slight drop in prices for the last few days. Additionally, we stated that we expected long positions between the $1.80 and the $2.00 levels. However, this has not been the case.
IOTA has dropped below the anticipated levels to the $1.59 levels. We had anticipated buying levels to be at the $800 low level, but the cryptocurrency has dropped below that point. Therefore, we advise investors to wait for the next low to involve themselves in investments.
Litecoin is considered one of the strongest cryptocurrencies in the market. During the previous analysis, the cryptocurrency was at the $211 level. However, Litecoin has been affected by today’s price drop and has fallen to the $190 levels.
We expected the prices to reach the $240 target levels, but this has not been the case. However, when the price breaks down to the $175 levels, we are likely to experience buying of the cryptocurrency. When this happens, the cryptocurrency might improve to attain the $225 levels.
During the previous analysis, NEM had dropped below the $0.37 level to the $0.344 level in just a few hours. However, it has now dropped slightly to the $0.325 level. We had suggested a drop to the $0.30 levels according to the current market conditions, and this has not been attained.
We are still not sure of the next move of the cryptocurrency. However, we expect the next low to experience a support level of $0.30, and this might trigger purchase and surge to the $0.40 levels.
For a long time now, Cardano has been involved in trading below the $0.000035 levels. In the last few days, it dropped below the $0.000030 levels. According to the current statistics, it is trading at the $0.0000264 level.
We had made a forecast that the cryptocurrency might drop to the $0.0000246 level which might trigger purchasing. According to the statistics, it is almost at that point. However, we are not sure of the next price level. Investors can wait for the next low to trigger investments.