As shown in the 4 January Bitcoin Price Fundamental Forecast, Bitcoin has established a strong support at the $12,497 level and started its climb. Dig In!
4 January, OctaFX–In the final weeks of the year, bitcoin started its fall, reaching a low of $12,500. The fall was as a result of negative headlines and infighting among the bitcoin community.
This year, bitcoin is still struggling compared to its peers as shown below.
4 January Bitcoin Price Fundamental Forecast
Traders are increasingly getting concerned about bitcoin and its price and therefore turning to other cryptocurrencies like Dash, Ripple, Stellar, and Cardano that have seen double digits growth YTD.
This week, Peter Thiel revealed that he has invested in bitcoin. In addition, Bobby Lee who used to run a bitcoin exchange in China stated that he expected the country to lift its ban on exchanges. All this helped bitcoin gain some points.
As shown below, bitcoin has established a strong support at the $12,497 level and started its climb. However, it has struggled to break past its resistance at the $15,557 level. If there is no negative news today, expect the currency to see a short-term correction to about $14,288 before bouncing back above the current resistance.
This article about 4 January Bitcoin Price Fundamental Forecast was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.
Also, speculative trading is a challenging prospect, even to those with market experience and an understanding of the risks involved.