Market Brief May 11th: Fundstrat research predicts Bitcoin could reach $64,000


Bitcoin

There is major upside potential for the cryptocurrency according to investment research firm Fundstrat. Predictions for price growing four times to reach $64,000 is seen to possibly take place by the end of next year. Instrumental to that return is bitcoin mining. Last year, the influx of investor interest pushed Bitcoin from less than $1,000 to trade above $19,300.

Canada

CAD, 13:30 p.m. GMT +1, Employment Change (Apr) – a key indicator of consumer spending which measures the change in the number of individuals employed in the economy. Market analyst projections are pointing to lower levels of employment at 17.4K for the month of April compared to 32.3K- this is a whopping difference of 14,0 thousand people. If the actual news comes in with a higher than projected reading, this should be seen as a bullish sign for the Canadian dollar. A strikingly lower number would suggest higher levels of unemployment and consequently decreased levels of consumer spending that would affect the currency negatively.

European Union

EUR, ECB President Draghi Speaks – the head of the Central Bank has the power and influence to set interest rates for the European Union based on the metrics for the economy. Comments and speeches are closely followed as they can impact both the valuation of the currency and sometimes even the direction.

 

Reference:

https://www.cnbc.com/2018/05/10/bitcoin-could-soar-as-high-as-64000-next-year-fundstrat-predicts.html

 

Wishing you Happy and Successful Trading!

 

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