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The market data is provided by the HitBTC[1] exchange.
During a bottoming process, prices swing up and down inside a range. This builds up the internal energy needed to break out or break down from it. Bart Smith, head of digital asset at Susquehanna International Group, said to CNBC[2] that a lot of big investors are waiting for a dip to $5,000 to make an entry into Bitcoin.
Even Bitcoin bear[3], Todd Colvin, analyst at Ambrosino Brothers believes that “sophisticated investors will step in” at $5,000 on Bitcoin.
The current decline in cryptocurrencies has not deterred a few investors who have held their bullish targets. One of them is Tom Lee, co-founder and head of research at Fundstrat Global Advisors, who has a target of $25,000[4] for Bitcoin by the end of this year.
Another Bitcoin bull is Julian Hosp, president and co-founder of crypto wallet startup TenX who has a target of $60,000[5] by year end 2018.
We are similarly bullish on cryptocurrencies and believe that they are undergoing a base building process, however, our targets are much more muted. Long-term investors should use sharp falls to add the major coins to their portfolio. So, let’s see which are the ones that can be purchased now.
BTC/USD
Bitcoin[6] turned down from the overhead resistance of $6,953.38 on July 9 and slipped below the 20-day EMA. If the current
