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Are There Signs of a Bottoming In Bitcoin’s (BTC) Market Movements?
The president of Blue Line Futures, Bill Baruch, in a recent article on CNBC said Bitcoin is moving towards its bottom level. He insists that there are signs that indicate that the market’s volatility is “depressed.” Baruch also went on to say that Bitcoin’s (BTC) market is now supersaturated. He expressed fears that two consecutive digital currency exchange hacks might have been the reason why retail investors didn’t show up.
Bitcoin (BTC) Can Fall as Low as $2,500 and Still Rebound to $14,000
Many experts are predicting that Bitcoin (BTC) will rally again to a strong position. In fact, some are of the opinion that the digital token will rally to 14,000 USD after the price decline is corrected. Crypto experts like the founder of London Fintech Week, Luis Carranza, believes that no matter how much Bitcoin (BTC) falls, it will rebound strongly. Carranza thinks that crypto price movements are unpredictable. He insists that there are massive price spikes and drops. Many have cited the recent regulatory clarity and influx of huge investments as key reasons why Bitcoin (BTC) will rebound with full force.
Professional investors and amateur traders alike predicted that Bitcoin’s price would increase even more in 2018. “Bitcoin will never crash,” said one Reddit user, “because then everyone would buy it when it’s much cheaper.” Like everyone buys the dips in a highly volatile high-yield market.
Others looked forward to universal adoption and a price tag in the millions. They might have trouble cashing in their windfall now, but that didn’t matter. Once everyone was using cryptocurrencies, fiat currency would be irrelevant and they would be the new super-rich. Some even started setting up a cryptocurrency Utopia in Puerto Rico, principally it seems to avoid the very large tax bills they would have to pay if they ever managed to convert their cryptocurrencies to dollars. Hmm.
Even in January 2018, as Bitcoin’s price crashed to less than half its December value, Bitcoin enthusiasts were still optimistic, predicting thatBitcoin’s price could rise to as much as $100,000 by the end of the year.
But here we are in March, and Bitcoin is still hovering around $8,000 dollars. Bitcoin bears are saying it is a classic bubble bursting, and making dark remarks about the price going to zero. If they are right, then a lot of people stand to lose a lot of money. How much further will Bitcoin fall?
Why is bitcoin going down?
Despite its positive results in the previous few weeks, bitcoin is taking a hit amid a price manipulation scandal. The US Justice Department suspects traders are now manipulating BTC prices, an illegal practice in regular markets.
The cryptocurrency world is regularly suspected of facilitating nefarious deeds, beginning its journey to popularity as an anonymous currency to trade for drugs and paraphernalia on the Deep Web.
However, the cryptocurrency market may now be moving to more ‘white-collar crimes’ as a criminal investigation is launched.
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