The price of Bitcoin rose sharply today, appreciating by more than 5.3% to 4,079.63 USD, defending its position and remaining stable in the last weeks.
The increase in Bitcoin price also extended to other cryptocurrencies, but their growth was much smaller. Ripple rose by 2.9% to 0.368 USD, while Ethereum appreciated by 0.86% to 158.95 USD. The biggest growth was reported by Litecoin, which appreciated by more than 11% to 39.81 USD.
Around December 27, Bitcoin began to oscillate around the 14-day SMA. The 14-day SMA has touched the 50-day, and stochastic oscillators are moving in a consolidating fashion around 40. This means it can be prudent to stop trading until the market makes its next move clearer.
Currently, Bitcoin shows that traders are indecisive, which can cause price movements in the current range over the next few trading sessions. There will be a breakthrough of over 4,000 USD, which implies a bullish trend or break below 3,500 USD, suggesting a bearish trend.
The traders should also be cautious of any strong reversal against each of the two mentioned levels.
Bitcoin could be in the last phase of the bear market but several analysts believe there is still a long way to go before the dominant cryptocurrency recovers to previous levels.
Throughout the past two months, the Bitcoin price has recovered from 3,210 USD to 3,850 USD by nearly 20% after demonstrating a spike in demand in a low price range.
Weiss Ratings forecasts new heights for Bitcoin in 2019
New year comes with new speculative predictions for the cryptocurrencies. Weiss Ratings published its prospects for the Bitcoin and other cryptocurrencies in 2019. According to the rating company, in 2019 there will be a bigger acceptance of the Bitcoin, which will support its growth.
The International Rating Agency expects more people to view the cryptocurrency as a good way to store value. The expected result is that Bitcoin will firmly establish its digital gold status.
The report also suggests that the price of the cryptocurrency may reach its highest level in 2019. This forecast comes from the apparent cyclical nature of the Bitcoin price with large bear market disappearing, followed by new peaks.
As early as December, Bitcoinist reported the forecast by Weiss Ratings that prices had reached the lowest values for investors.
Weiss Ratings predicts a strong year for Ripple, especially in its quest to compete with the global payment ecosystem. Determining the progress made by Ripple and Stellar, the rating agency underlines that Ripple has the potential to compete with SWIFT.
For Weiss Ratings, Ripple could replace the Bitcoin on the top of the cryptocurrency ranking. This forecast represents a change for Weiss, as in 2018 the agency said Bitcoin would lose 50% of its market share compared to Ethereum.
The finance analyst Clem Chambers, the founder of ADVFN and a Forbes contributor/finance journalist and analyst, also gave support to the Bitcoin, claiming the cryptocurrency is poised to run in the near future. More specifically, he told the outlet that during next year, 2020, he expects for BTC to “boom again”, especially as blockchain technologies and cryptocurrencies establish themselves as game-changing technologies. He explained that eventually, the aforementioned innovations will “define the next 25 years in the same way as online/dotcom has defined the last 25”.