Bitcoin Professional Anticipates a Pricefall In The Near Future
Recently, Bitcoin experienced a significant price fall that surpassed the minimum key price point. The expert’s sentiment indicates that, the prices of cryptocurrencies are likely to decrease soon. The slight drop led to the reduction of the value of Bitcoin below a critical price point. This point is commonly known as horizontal support. It shows that price of Bitcoin will decrease drastically.
Experts views on the future of Cryptocurrencies
Another crypto expert, Nikola Lazic had the same views on the future of the price of Bitcoin. According to the professional, stakeholders should expect a substantial downwards slide. The expert further revealed that, he expects a shift from the downward side. This was as a result of the breaking of the horizontal support. The red triangle support has also not been spared this time since it was broken.
The trend is worrying and it is prudent for the experts to take appropriate measures to rectify the situation. Should the final support be destroyed, these prices might drop further below £4,458. The main pointer is Bitcoin’s price that has witnessed a significant decline for the past 20 months. Therefore, the future of Bitcoin is not predictable.
The digital currency could either increase in value or devalue in the future. The price of cryptocurrencies has been changing frequently thus, scaring investors. The performance of Bitcoin in 2017 was not pleasing to the market spectators.
Price of Bitcoin increased in December
The price of Bitcoin increased by a large percentage in December last year. The price surpassed $15,000 for every coin. However, it dropped by 45% within a short period. Its price eventually dropped to $11,000. Yves Mersch suggested that most people were persuaded to purchase Bitcoin after the price increase. He went ahead to say that the prices might have dropped soon after these transactions were confirmed.
Some experts like Tom Lee disagree with Yves on the issue. They have faith that the digital coin will increase by a big percentage before the end of the year. Despite the low prices of Bitcoin, some professionals still believe that these values will increase gradually. People might start seeing a reverse of what is happening now. There are several factors that might have led to the rise or fall of Bitcoin.
One of them is that the cryptocurrency operates in a speculative market. This makes its prices to appreciate or fall within a short period. Company’s announcements also cause hype in the prices of Bitcoin.