Bitcoin Surge Fully Underway: Target Price And Chart Analysis
Gareth Soloway | May 20, 2019 12:40AM ET
The surge in Bitcoin (BTC) is fully underway. The move higher was a no brainer and I capitalized on it. My overall average is below $4,000 (though I did sell half of my crypto positions just on this latest surge). The one surprise for me was how easily it broke through the $6,000 resistance level. The $6,000 level now becomes support with Bitcoin trading near $8,000. The upside target near-term is now $10,000 and likely will be hit by year end, if not sooner. My thesis for why Bitcoin and other crypto-currencies are the future is strengthening by the day. Surging U.S. and global debt levels are unsustainable. The fact that central banks can print trillions-of-Dollars on a whim is and will erode the confidence people have in them. This will lead the world to a crypto-based monetary system, with caps on the amount that can be mined or the cost of mining will grow, slowing the amount of coins that are mined, much like it does for mining gold. I have long said, crypto is what our kids will be using as currency in 10-20 yrs. As a trader, I will be in and out of it quite often now, as it continues higher. However, I do believe in the long-term viability and future of the top coins.
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