23.01.201811:29 Forex Analysis & Reviews: Bitcoin analysis for 23/01/2018

Bitcoin is likely to cost over $ 50,000 in 2018, according to a mathematical study by Xoel Lopez Barat. A Spanish analyst and scientist have calculated that Bitcoin is expected to reach $ 55,530 by the end of this year. On the other hand, the probability that the largest cryptocurrency will be equal or less than at present is less than 10%.

Barata combines scientific assessments with a multitude of predictions of various types, using Monte Carlo simulations with so-called "random walks" to discover the potential of the future price of Bitcoin by developing raw data and probability options."It is important to remember that this kind of estimation is best used as a way to find confidence intervals - in this case, such a range for the Bitcoin price would be from $ 13,200 to $ 271,277." - Barata added.

Let's now take a look at Bitcoin technical picture at the H4 time frame. The price is still trading below the weekly pivot at the level of $11,440, which might suggest another wave down towards the local low at the level of $9,196 or below. The key level to the upside remains still at the level of $12, 737 and only a sustained breakout above this level opens the road towards $14,861.