AskSteemit: Do you think BTC can reach $6K and Steem $1 this year? Or, BTC can break down to lower $2Ks and Steem to less than 20 cents. Or both can happen this year?
We have seen BTC's low for the year on February 8th at $3400. And BTC is feeling resistance at $4100. Still, BTC is up at 20% from its low.
On the other hand Steem started the year, 2019 at 26 cents and recently, saw high for the year on March 10th at 56 cents. Steem is up at more than 100%.
The question is that will BTC break its resistance at $4100 and reach $6K, the previous support? BTC can see very strong resistance at $6K since it was a support for more than 6 months. Previous support becomes future resistance. Therefore, if BTC breaks $6K this year, it will be big bull sign for cryptocurrency market. BTC needs to run another 33% to reach $6K. Considering its 20% gain from low of $3400, another 33% gain this year is not impossible. At $6K, BTC will rise 75% from its year's low.
On the other hand, Steem was around 80 cents when BTC last broke down from $6K. Therefore, seeing 80 cents is quite possible when BTC reaches $6K. If Steem reaches $1, it will be up 100% from current price around 50 cents. Considering Steem's gain of 100% from its low, it is quite possible that Steem can grow another 100%.
However, there is a popular contrarian thought that since BTC is failing $4200 resistance, couple of more failures can send BTC breaking down lower $2000s. Then Steem can also see lower low from its this year low of 26 cents.
AskSteemit: Do you think BTC can reach $6K and Steem $1 this year? Or, BTC can break down to lower $2Ks and Steem to less than 20 cents. Or both can happen this year?
Disclaimer: This opinion is not a financial advice, it my personal perspective and opinion. Please seek professionals for financial decisions.
Image sources: Most images are open sourced (e.g. Pixabay, Wikimedia etc.) with Creative common license. Some images are used with due courtesy to respected owners.
Thanks for reading.
@riseofth
Cryptominer since 2013, occasional trader and tech blogger
I think they will be somewhat decoupled from each other as each gains demand on theirbown merit. Bitcoin will have much more resistance given its dominance and $6k will be the highest it could could attempt this year but I doubt it will surpass it. Steem, on the other hand, has a couple of catalysts that can help it break above $1 such as SMTs and cheaper nodes that coukd both increase liquidity and demand.
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i think it will within a month
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I think both can happen this year, but at this point I think it's more likely we will see $6k and $1 than to drop down to $2k and 20 cents. If we're not at $6k Bitcoin by the end of the year or close to I will be very surprised. That's going to be some tough resistance to push through, but wouldn't be surprised if we're ranging at or around $6k by the end of the year.