Bitcoin Price Prediction: Bullish Breakout or Bearish Breakdown?

Bitcoin prices have been stuck between $7,000 and $8,000, but that could quickly change.

According to a CoinDesk.com report, prices are trading in an increasingly narrow range, and there's volatility that hasn't been seen for eight months.

However, the direction BTC prices will move isn't clear...

The report suggests a bullish breakout would set the tone for a rally to $8,800. A bearish breakdown could send BTC prices below $6,000.

Here is a recap of the top five cryptocurrencies by market cap as of 1:00 p.m. EDT.

Cryptocurrency Market Cap Price Change (24h) Bitcoin (BTC) $129,592,739,287 $7,586.37 -1.45% Ethereum (ETH) $59,554,815,651 $595.87 -1.99% Ripple (XRP) $26,173,013,183 $0.67 -2.02% Bitcoin Cash (BCH) $19,155,069,531 $1,115.46 -2.45% EOS (EOS) $12,485,871,644 $13.93 +0.62%

Here's a closer look at today's Money Morning cryptocurrency insight, as well as the most important cryptocurrency updates you need to know...

Money Morning Cryptocurrency Insight of the Day

Bitcoin prices have been very volatile in 2018, but a cryptocurrency guru has a bold Bitcoin price prediction.

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From today's prices of $7,586.37, he expects BTC prices could climb to $100,000.

Here's everything you need to know about this bold price prediction.

The Top Cryptocurrency Stories for June 8, 2018

• While markets have been waiting for large Wall Street institutions to tap into cryptocurrencies, it appears that another big set of investors are diving in headfirst. John Lore, founder of Capital Fund Law Group, told Business Insider this week that a growing number of academic institutions are getting more involved with Bitcoin and Ethereum. Universities have billions of dollars in assets, and many are looking to diversify away from hedge funds and equities.
• Following Bitcoin's recent slide to $7,000, Fundstrat Global Advisors came out and argued a bullish case for the top cryptocurrency. Robert Sluymer, the firm's head of technical strategy, told CNBC that the market may have found its bottom. "When we step back, we see the first phase starting to happen. We think Bitcoin is starting to bottom off some very key support around $7,000, and we think it's going to start a recovery process here," Sluymer said.
• According to a report out of London, the art gallery Dadiani Fine Art is working with blockchain platform Maecenas Fine Art to host the world's first cryptocurrency art auction. "We aim to render the future of fine art investments to global reach. The cryptocurrency will broaden the market, bringing a new type of buyer to art and luxury," said the founder of Dadiani Syndicate, Eleesa Dadiani.
• Finally, Ethereum prices have dropped nearly 20% since the start of 2018, but analysts are getting bullish on ETH and expect it to climb to $800 by July 1. Here's more on the bold predictions and how you could potentially profit.

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