Blockstream CEO Adam Back: "Blockchain Is the New Wonder of the World" – BTC, ETH, LTC Price Analysis, 8 June, 2020
Adam Back, the inventor of Hashcash and Blockstream CEO, compared the blockchain technology to the wonders of the world and called it the foundation of a new digital age:
A little bit earlier, the prominent cryptographer and crypto pioneer said that in the new digital era, demand for Bitcoin will increase, and even without the institutional investors, the price of the cryptocurrency will reach $300,000 within five years.
Back also thinks that money printing by central banks will drive more people towards crypto because traditional financial assets, such as bonds, stocks, and real estate, are already overvalued.
Bloomberg gives some positive price predictions for Bitcoin as well. According to the recently published "Bloomberg Indices Outlook Cryptos June 2020", BTC will approach the record high of about $20,000 this year. The report says that current on-chain metrics (number of addresses used and hashrate) suggest solid price support for the cryptocurrency in the range of $8,000 to $10,000.
The crypto market continues to trade sideways. At the time of writing, according to Coin360.com, one Bitcoin costs €8,598.80 (+0.58%), one Ethereum – €215.20 (+0.59%), and one Litecoin – €41.21 (-0.24%):
Source: Coin360.com (Daily crypto market performance)
Now let's have a look at the price charts of the major cryptocurrencies against the euro.
In the 4-hour chart (4H) of Bitcoin against the euro, the uptrend still remains in place:
However, as seen in the chart above, BTC is currently facing some solid resistance at the level of the local high from February (previous local high), which is around the psychological level of €9,000.
We think that if the bulls can push the price above €9,000 per one digital coin, a rally to €10,000 is possible.
The 1-day chart (1D) shows that the price of Ethereum is fluctuating within an ascending channel:
In our estimation, if the bullish sentiment prevails, then ETH/EUR will approach the upper line of the «Falling Wedge» – a level of approximately €240.
However, the bullish signal will be invalidated if the price of Ethereum drops below the lower line of the ascending channel.
In the daily chart (1D), LTC/EUR is hovering near the 30-day Moving Average (MA 30) and slightly above the 90-day Moving Average (MA 90):
Nevertheless, both moving averages are going sideways which implies that there is neither a bullish sign nor a bearish sign. That's why the most likely scenario is a price consolidation.
Stay updated on everything Bitcoin-related with Bitvalex. Bitvalex is a licensed digital wallet and cryptocurrency exchange; learn more about us and blockchain technology and sign up to use our services.
The analysis is purely informational and does not constitute investment, financial, trading, or any other sort of advice and you should not treat any of Bitvalex's content as such. Bitvalex does not recommend that any cryptocurrency should be bought, sold, or held by you. You are solely responsible to conduct your own due diligence and consult an advisor before making any investment decisions.