Bitcoin (BTC) price has intensified the declines to trade new lows since February this year. At the time of writing, BTC/USD is down at least 1.5% on the day while it has traded lows of $6,400. BTC/USD upside movements have been limited below the bearish trendline, while the path of least resistance is still to the downside.
Tim Draper, an investor, and Billionaire who has for a long time been known to be a Bitcoin Bull says that Bitcoin price will hit $250,000 by the year 2022. He, however, told The Street that countries will need to come up with “very clear and light-touch regulations for crypto.” He said the countries are competing for the blockchain technology and are working to attract the companies in the industry. Tim Draper said in his prediction:
“Price-wise, we’ll continue to see Bitcoin move higher. I’ve revised my estimate up to $250,000 four years out, so we’ll see Bitcoin trade around the $250,000 mark in 2022.”
Bitcoin (BTC) price is currently exchanging hands at $6,434, similarly, there is a weak bullish trend battling to break past the resistance from the descending trendline. The key resistance to the upside is $6,500 but $6,600 is a possible breakout point that could see Bitcoin gain momentum to test $6,800 before attacking $7,000. The stochastic oscillator is still stuck in the oversold and the price is trading below the moving averages to confirm the prevailing bear pressure in the short-term. Moreover, $6,400 will provide support in the event of extended downside movement.Ethereum (ETH) Price Analysis
Ethereum (ETH) price has also extended the declines mid-week and even traded slightly below $470. The short-term bearish flag formed during the session yesterday did not hold and was broken. The stochastic is observed in the oversold region, precisely at 17%. The signal of the indicator is starting to point upwards as a weak bullish momentum returns. In the meantime, there is a high chance that the bears will continue to control the price in the medium-time and $450 could be within reach.
The area at $490 is the key resistance zone, but $500 represents the supply zone to the upside. On the flipside, the demand zone is at $460 and could see Ethereum (ETH) breakdown with further declines. The immediate support is at $460, but as mentioned $450 is still within reach.
NEO Price Analysis
NEO has continued to break down after rejecting the support accorded to it at $41 and $40 respectively. NEO/USD could also break below the descending channel, a move that could see the price test the next demand zone at $30.00. The stochastic oscillator has recovered from lows of 7.2% and is now slightly above 25%. Its trend signals are beginning to bend downwards confirming the current selling pressure.
In addition to that, the moving averages gap is increasing signaling that the path of least resistance is to the lower levels. NEO/USD will continue to form a short-term flag but selling pressure is bound to break and the price could brush shoulders with $30.00. The lower trendline of the descending channel will offer support above $35.00. NEO will encounter resistance at $41, but the upper supply zone is at $44.00, on the flipside, the demand target is at $30.00.
This information should not be interpreted as an endorsement of cryptocurrencies or a recommendation to invest. Historic performance is no guarantee of future returns. As an investment class, cryptocurrencies are speculative investments and investing in cryptocurrencies involves significant risks – they are highly volatile, vulnerable to hacking and capital loss and sensitive to secondary activity. Before investing you should obtain advice and decide whether the potential return outweighs the risks.