SAN FRANCISCO, Calif. – With the recent dip on the value of Bitcoin in the market, price analysis reveals that this might be it for the currency, and its highs are well behind it.
With that said, plenty of significant personalities are still backing Bitcoin. LDJ Capital founder, David Drake, is confident that Bitcoin will see a significant uptick of over 262% in value by the end of the year. This would put Bitcoin at $30,000.
Twitter and Square CEO, Jack Dorsey, is also convinced that Bitcoin will be replacing fiat currencies in the near future.
Drake and Dorsey are only a couple of the positive voices that speak for the bright future of Bitcoin. So without further ado, let’s have a quick rundown of the price analysis for various currencies.
Bitcoin to USD
Even with the recent upward trend out of Bitcoin’s descending trajectory on March 20, the currency is still facing a potential dip. This is unfortunately painted by Bitcoin not crossing the 20-day EMA.
A turnaround from the grim trend should come if prices could exceed and maintain the 50-day SMA.
Ethereum to USD
Ethereum finds itself trading inside the channel and maintaining its value below the moving averages. This is not a good sign, and a recent attempt at recovering met only failure at the $590 mark.
This downside is given proof by the March 18 lows of $452.32. Anything below could find a dip in value all the way down to $358.
Bitcoin Cash to USD
Bitcoin Cash was steady for a couple of days with a value at the $1,000 mark but has since dipped below. This is supported by the 18th of March low of around $884.80.
If the value goes below that, it will see a retest of the 6th of February lows of around $778.20.
Ripple to USD
Ripple prices are sharply falling to $0.56270. If prices fall even further down to the red side of $0.538, then it’ll see a potential dip to $0.22.
Ripple price analysis should start seeing green if it goes above $0.72.
Unfortunately, news for Lumen, Litecoin, NEO, and EOS isn’t any better with their values going well below the optimistic outlooks. The currencies need to maintain a rise to much better levels before their prices start becoming bullish.