Bitcoin is continuing its way to the bottom having reached a new lowest mark since October 18, 2017. It is believed that it will fall further.
Craig Wright, the man claims to be the real Satoshi Nakamoto and pseudonymous creator of Bitcoin, has threatened to crash the price of ‘his’ headline cryptocurrency if miners support the Bitcoin Cash ABC project in the upcoming fork.
The bloodbath in the cryptocurrency market saw almost all of the top ten cryptocurrencies losing 10-12% of its price in a single day. Overall market cap dropped by $28 billion.
The bulls will be required to gain enough momentum in order to break out from the upper trend line of the symmetrical triangle before noticeable volatility in the Bitcoin market. Traders should be patient and watch out for the break out before placing a trade.
Alex Krüger is betting high on the launch of ICE’s Bakkt platform to trigger the next Bitcoin price surge. He also looks optimistic about the CBOE Bitcoin ETF expected to arrive by March 2019.
Should the bears increase their momentum and break down the accumulation territory of $6,137, Bitcoin will head towards the lower accumulation territory of $6,032.
Venture capitalist and billionaire Tim Draper confirmed his belief that Bitcoin should reach $250.000 by 2022.
Bitcoin’s price will drastically reduce over the next decade, while the crypto market will expand by 5000%, according to deVere Group’s founder Nigel Green.
Though cryptocurrencies have always been criticized for their extreme volatility, now the situation seems to have changed.