12.10.201710:35 Forex Analysis & Reviews: Bitcoin analysis for 12/10/2017

Bitcoin analysis for 12/10/2017:

Former investment banker Fortress, Michael Novogratz, predicts that within 6 to 10 months Bitcoin will be worth more than $ 10,000. The investor creates a $ 500 million fund that will invest in cryptocurrency, ICOs and blockchain related companies.The former investment fund manager has decided to go all in despite the fact that in his opinion the virtual currency betrayed the signs of a speculative bubble. In 2016, Fortress Investment Group managed alternative assets worth over $ 70 billion. Bitcoin valuations at $ 10,000 may have support in the investor's own convictions - $ 150 million in Galaxy Digital Asset funds will come from his own pocket. The remaining funds will be raised from wealthy investors and other investment fund managers.

It is good to see a representative of the financial world, who positively speaks about Bitcoin and cryptocurrencies. Recently, Jamie Dimon, CEO of JPMorgan, sharply criticized Bitcoin for calling the entire system a scam. In addition, he announced that he would dismiss every employee of the bank who will be trading Bitcoin.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market is trading at the new all-time highs around the level of $5,171 at the time of writing. The corrective cycle scenario had been invalidated and now the alternative count is in charge. In a case of an upward extension, the next target is seen at the level of $5,472. Please notice the developing bearish divergence between the price and the momentum indicator.