Bitcoin Price Prediction: Beacon of Hope in Stormy Markets

Originally published in The Bitcoin BullBear Report released on 1/7/2016.  Partial excerpt only. Written by @AKWAnalytics.

What a great way to start the New Year! 2016 is off to a bang, and from both a technical and fundamental perspective this looks poised to continue. While it is tough to say what will happen to the market after the halving, we are fairly sure that an upside bias for bitcoin price will persist going into that event.

No doubt that the first week of trading in 2016 has been interesting. China appears to be in some trouble as their markets continue to get slaughtered limit down, a consequence of government intervention and unsophisticated retail traders. Not surprisingly, the volatility and uncertainty have bled over into the other major global equity indices causing them to pullback in earnest as well. Additionally, we are now back in a currency war scenario with China easing at a rapid pace, while the US Federal Reserve is still dead set on more rate hikes this year.

What is even more intriguing than the global markets, however, is bitcoin! Despite the fact that we still do not have concensus on scalability, we do have a Core dev roadmap for the near future, and we are finally getting some productive conversation regarding the blocksize. Additionally, transaction and trading volumes continue to press higher inline with the historical trend, which tells us that Gresham’s Law and the Lindy Effect are still in full force.

Not only that, but it seems like the media narrative is now positive for bitcoin and blockchain, as opposed to just blockchain, given the “digital gold” and “e-cash” use cases become more evident. As political and economic strife continue to proliferate globally, we think more and more individuals and institutions will move at least small parts of their wealth into crypto. This is the main reason we are so bullish on bitcoin for the first half of this year, in addition to the powerfully bullish medium to long term technical setup.  While this is not an outright bitcoin price prediction (which you can get by subscribing), we do think higher prices are more likely than lower at this point in time.

Happy New Year!

@AKWAnalytics

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Happy trading and have a great BITday!

 

Disclaimer: Please always do your own due diligence, and consult your financial advisor.  Author owns and trades bitcoins and other financial markets mentioned in this communication.  We never provide actual trading recommendations. Trading remains at your own risk.  BullBear Analytics publications are meant for entertainment purposes only.  Never invest unless you can afford to lose your entire investment.  Please read our full terms of service and financial disclaimer at BBA Disclaimers & Policies.

AKWBitcoin Price Prediction: Beacon of Hope in Stormy Markets