Market euphoria has so far resulted in Bitcoin pushing through the $19,000 level, with many investors not realizing that there’s an impending psychological resistance at $20,000. It is quite probable that the cryptocurrency would in fact go through a correction towards the support level of $12,500 before even reaching the resistance of $20,000. And this would most likely take place before the end of 2018.
2018 is expected to be a year of volatility for the world economy. The independence and control of the American and Japanese central banks would be under scrutiny, sky-high valuations of US equities could be undergoing a significant correction, and the continuation of political tensions in the European Union would also be very likely. Amongst these uncertainties, investors in cryptocurrencies could also be searching for alternatives to Bitcoin. This, amongst other factors, could either result in Bitcoin accelerating towards $70,000, or fall towards zero.