Crypto Industry News:
Respected strategist Mike McGlone recently tweeted that his data points to an accelerating pace of bitcoin replacement of gold as "a store of value in investors' wallets." While precious metal will always have a place in "jewelry and coin collections," BTC seems to be "putting the old guard aside" and replacing metal as a hedge against inflation.
As of 2017, according to McGlone, investors have often opted for bitcoin over gold for its store of value. In addition to the growth of the digital asset versus gold, the strategist was also optimistic about the price of bitcoin itself.
McGlone, who had predicted Bitcoin to rise to $ 50,000 in advance, recently made a new forecast. In it, he stated that the price of bitcoin would continue to rise, eventually reaching $ 100,000 by 2025. He based his estimate on the growing popularity of the asset, which is growing parabolically, also among institutional investors. The expert said the financial markets may even want to replace the US dollar reserves with the digital dollar and BTC.
Technical Market Outlook:
The BTC/USD pair has hit the 100% Fibonacci extension located at the level of $55,730. There is a Pin Bar candlestick made at the top of this rally, so the Bitcoin might pull-back towards the nearest technical support seen at $52,501. The momentum remains positive, but it points down already, so any violation of the level of $52,039 might be the trigger to do lower towards $49,422. The larger time frame trend remains up and there is no indication of the up trend termination of reversal yet.
Weekly Pivot Points:
WR3 - $61,059
WR2 - $56,697
WR1 - $53,887
Weekly Pivot - $49,123
WS1 - $46,093
WS2 - $41,457
WS3 - $38,335
Trading Recommendations:
The bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $60,000. Any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $41,125 is clearly broken.
