Normally, when speaking of the cryptocurrencies in environments specialized, the word that comes up is volatility. And this week has done little to disprove this view on the crypto market. Therefore, the same has suffered ups and downs important. Especially in the price of Bitcoin, which eventually define the tone that will have the market.
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A major fall
The week began with a significant fall in the price of Bitcoin. The decrease in its valuation this day Monday. Going from the 7.098 dollars per BTC to a floor of 6.538 dollars the day Wednesday, December 18. A loss of value of more than $ 500 in less than 48 hours. This fall was influenced by the case PlusToken. A ponzi scheme based on cryptocurrencies, broken up recently by the authorities. What led to the arrest and extradition to China of 6 people involved with the case. And to the liquidation of the assets of the company. So, around 25,000 Bitcoins have been liquidated in the past few days. With 20,000 Bitcoins more in queue to be sold to your time. What, in a market like that of the cryptocurrencies, very sensitive to variations of this type. It seems to be the main cause of the fall that affected the crypto world starting the week.
A recovery surprise
However, this situation would not last long. Soon, the bulls of the market, defended the position around 6,500 dollars per Bitcoin. Avoiding a fall deeper into the quote criptoactivo. And starting what is considered a rally christmas. The same, reached its peak in the 7.424 dollars per BTC on the day Thursday. Increasing in almost 900 dollars, the price of Bitcoin in less than 24 hours. Before you lose the initial impulse that guided him. And stabilized at around 7.100 dollars per BTC. Demonstrating the movements of the following days, however, they are still fighting a fight in the market. Therefore, since the small rising holiday stopped the day Thursday. There have been variations around 200 dollars on the price of Bitcoin. Which has gone up and down, alternately showing a struggle between the trends bullish and bearish. Which, if we observe only the behavior of the price in the last 6 hours. It seems to be far from being defined. With an important decrease, followed by a recovery no less important in the price. Graph of Bitcoin for the last few hours
What to expect in the future?
For this reason, and in a moment, in the short-term seems so uncertain. It is advisable that we go in the medium term to understand the direction of the Bitcoin. And in that respect, Bloomberg offers us some clues. Therefore, an analyst of the company has their own prediction about what will happen in the crypto market. So, for Mike mcglone enjoy the festivities, it seems clear that the Bitcoin has many more chances of rising than of falling. Because, for him, the price of BTC could reach $ 10,000 again. An increase of 40% in their price, much more likely that a fall of 30% that place it at around $ 5,000.
Bitcoin in 2020: $10,000 Appears to Be More Likely Than $5,000 —#Bitcoin should continue to advance in a consolidating bull market, in our view, with maturation of the first-born crypto in the next decade the primary distinction vs. the current one. pic.twitter.com/JxEAhArwTf— Mike mcglone enjoy the festivities (@mikemcglone11) December 19, 2019
Thus, mcglone enjoy the festivities would be part of the bulk of analysts that are optimistic with regard to Bitcoin. Currency which they believed in a strong position to start the new decade. And that, despite the volatility of the last week, still has a lot of say in the financial world international. The following two tabs change content below. Student of International Studies, interested in issues of economy and international politics. Passionate about the progress of the Fourth Industrial Revolution in general and the cryptocurrencies in particular.
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