Cryptocurrency

Bitcoin price Crash to $ 7,000? Analysts see Bakkt as a threat

Currently the Bitcoin price is still on the all-important $ 10,000 mark. It is still unclear in which direction Bitcoin is moving in the next days and weeks. Most traders and analysts are long-term confident of a positive Bitcoin price development, and there are countless predictions can be found through a variety of indicators, on a BTC price increase in the next few years hope. However, with respect to the short-term price development, the opinions diverge. Now, two well-known analysts speak of a possible Bitcoin price drop to $ 7,000. But what’s behind it?In this article, we will go on the short-term expectations of analysts, and, with the current Bitcoin fundamentals of Coin Metrics, which is long-term potential in BTC.

Bitcoin exchange rate by Bakkt before a break-in?

A popular Analyst on Twitter, Dave the Wave, compares the current BTC price Chart with the last Bullrun 2017 and sees some Similarities. If you should repeat the pattern, then the Bitcoin price could fall to $ 7,000.

With this opinion of the Analyst is not alone. The Trader Jonny Moe sees a Bitcoin price crash and explains it with the Start of Bakkt. However, he believes that the introduction of the CME Bitcoin Futures in December 2017 was the main reason for the subsequent Start in the bear market.

Although he said then, that it is not a reason for concern for the long-term success of Bitcoin, but the question remains whether the start of Bakkt can trigger a BTC price drop. In his opinion, the Bitcoin exchange rate will reach in 2020 a new all-time high.By the Bakkt Bitcoin Futures many new institutional investors are coming soon in the crypto market, and thus new money, which could cause the entire market capitalization increase. At least, the most hope to gain from the crypto-Community.However, it is still unclear whether this is short term good or bad for the Bitcoin price. It is not only the possibility that institutional investors Long positions but also Short positions is just. Furthermore, it is not clear what influence Bakkt on the Bitcoin exchange rate will actually have. Therefore, there is a lot of room for speculation.You don’t want to buy Bitcoin, you know, but where? To decide the right provider is not always easy. Therefore, we recommend that you take the time to look at our Bitcoin Broker & exchanges comparison. Often several providers are already required to really get all the Cryptos to cover. See for yourself: Bitcoin Broker & stock exchange compared with that now read.

Bitcoin exchange rate in the long term by fundamental data spurred

In the short term so still a lot to happen and no one can predict in which direction the BTC price will develop. In theory, a time near the Bitcoin price drop is possible. However, for the long-term development, there is enough circumstantial evidence to make courage.Hans HODL, Senior Quantitative Researcher of Ikigai Fund, has in a Tweet-series is an attempt to relativize the negative expectations of some analysts. He has published 21 Bitcoin Charts of Coin Metrics, and to identify the long-term potential of Bitcoin. To do this, he said:

I’ve heard people say that the participation in Bitcoin is a game of speculation. Some say it’s FUD, FOMO, fear and greed, or the need to follow the crowd. I say Bullshit. Let’s look at the data! Here are 21 Bitcoin Charts of Coin Metrics, which tell a different story.

The data from the 21 Bitcoin Charts really speak for themselves and are there for anyone who is interested in the current fundamentals of Bitcoin, more than relevant.The Bitcoin exchange rate is a popular topic of conversation, especially because no one can accurately tell where the journey will go. However, the fundamentals of Bitcoin are important indicators, which could be for the long-term Bitcoin exchange rate relevant for development. These are currently more than positive and hope for a price increase to continue to rise.

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About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.