2018-12-12 05:37 |
The price of Bitcoin has surprised several investors in the last few months when it was traded under $4,000. At the beginning of the year, $4,000 was a price that nobody was expecting by the end of the year. And it seems that Bitcoin could keep falling and reach new lows close to $3,000, according to some analysts.
According to the crypto analyst, Crypto Rand, Bitcoin could be traded close to $3,250 and $3,000 if Bitcoin is not able to remain in the current levels close to $3,415.
#Bitcoin looking quite ugly here. If the uptrend support doesn't hold I would aim to $3,250 and $3,000 as next targets.
Bear flag already breaking down.
More updates on $BTCUSD: https://t.co/WV7FKTZRa0 pic.twitter.com/Nq6sxGLc5a
— Crypto Rand (@crypto_rand) December 11, 2018
Although this seems quite possible, there are other analysts that believe that Bitcoin can bottom close to $2,500. That would represent an 87.5% price reduction since Bitcoin’s record in December 2017.
Another analyst, Toney Vays, mentioned in youtube that in order for Bitcoin to start growing again it must hit the 50-month moving average close to $3,000. This is very similar to what Crypto Rand stated on Twitter. The trader said that Bitcoin could consolidate around $3,100 around March 2019 and allow Bitcoin to start a new bull market.
Trading #Bitcoin – We have dropped to $3,333 on $BTCUSD, we are once again flirting w/ Dangerous Territory to begin another Leg Down. Let's have a quick look at the charts:https://t.co/wTNVmlWA00
— Tone Vays [@Bitcoin] (@ToneVays) December 11, 2018
These bear analysts tend to provide a clear technical outlook of the market and how Bitcoin could keep falling. However, there are other experts that are not worried at all about the current situation of the crypto market.
Michael Novogratz, the CEO of Galaxy investment Partners said that while he believes in the underlying technology and in the crypto movement, as soon as the prices behave in such a bearish way he sells. However, he beleived that Bitcoin was going to hold its price close to $6,200.
About Bitcoin’s future he commented:
“I do believe Bitcoin is going to be digital gold. The fact that David Swensen put an investment into Bitcoin, with his reputation on the line, his endowment on the line, tells you something. Some of the smartest people in the investing world think it’s a store of value.”
There are important players in the market that are starting to play a very decisive role. The Intercontinental Exchange (ICE), Goldman Sachs and Fidelity Investments are already creating the necessary infrastructure to allow investors to enter the market. Although these new products might not generate a great demand in the market, it shows that the infrastructure is improving and it will be ready as soon as demand increases.
Currently, each Bitcoin can be purchased close to $3,415 and it has a market cap of $59.46 billion.
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