After Bitcoin reached a new all-time high in the evening of Wednesday, November 22, we can see a little pullback as the BTC price at the moment is slightly over $8,200. The fall is highly insignificant compared to the previous upward leaps. Besides, the buying pressure in the market does not decrease with the price growth.
After CME Group’s announcement, a huge number of investors turned their attention to Bitcoin, and many of them have already invested their funds in the cryptocurrency. According to Bitfury vice chairman George Kikvadze, “out of 30 investors he has met, 12 are in the process of investing in bitcoin, 10 plan to invest in bitcoin in the short-term, and eight remain undecided.”
The bullish trend seems overwhelming. With large-scale investors entering the market, the price is expected to grow even more by the end of the year. As reported by CNBC, Tom Lee, a Wall Street strategist, and co-founder of Fundstrat Global Advisors, anticipates the price will hit $11,500 in mid-2018. He wrote in his report:
“A few weeks ago, we turned short-term neutral on bitcoin as the price level then (~$7400) exceeded our estimate of fair value.” Last week, Bitcoin fell to $5,600 and since then rebounded. In our view, this move to $5,600 cleaned up weak hands and we no longer feel caution is warranted … We recommend steady buying of Bitcoin at these levels.”
Mattia Rizzi, a financial analyst, electronic trading and blockchain expert at Société Générale Corporate and Investment Banking, is also quite bullish as to the future changes in BTC price. He stated to Coinidol:
“It seems like price is compressing in a symmetrical triangle since the beginning of the week, as a result we can expect for price compression to continue until rupture. The fact that the upper resistance has been tested at 8380 and 8310 denotes bullish dominance over bears in the market, and makes it more likely for the triangle to break upwards and make the price test new heights.”