19.07.201808:41 Forex Analysis & Reviews: Bitcoin analysis for 19/07/2018

Co-founder of the Avenue Capital Group, Marc Lasry in an interview with CNBC, said the Bitcoin price would be $ 40,000.

Lasry, whose company dealing in debt management and controls assets worth 9.6 billion dollars, presented the growing ease of cryptographic trade as the main reason for the increase in the price of Bitcoin. He stated that he predicted that investors from Bitcoin "from 3 to 5 years will earn from 5 to 10 times what they have invested".

Lasry in the past regretted that he had not bought Bitcoins earlier, and reports from this week say that since then, one percent of the value of his network has turned into the largest cryptocurrency. In an interview for CNBC, he added that the reason why Bitcoin likes it is "that everyone will come to him".

Lasry's predictions appeared during the rapid growth of Bitcoin, when on July 17 the coin suddenly increased by 12% and since then it has remained above $ 7,555.

Institutional investors have become an important point in discussions about Bitcoin in recent weeks - commentators follow the movement of the BlackRock investment giant towards the cryptocurrency sphere.

Lasry's $ 40,000 forecast is conservative compared to the one proposed by Tim Draper, which forecasts $ 250,000 worth of Bitcoin for 2022. Time will tell who was right.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market is consolidating the gains around the level of $7,555 as the bulls are quite exhausted after a $1,500 rally. The intraday support at $7,225 is acting very well now, so still, one more wave to the upside is expected. The projected target is at the key technical resistance at the level of $7,752.