Expert: Bitcoin’s Fate will be decided in a month
Bitcoin is once again trading below $6500 dollars, with the beginning of the week “home” cryptocurrency fell by more than 7%, fully justifying the forecast of a decline, which we warned on Monday.
Current price levels are important for the cryptocurrency market in General, and bitcoin in particular. You could even say that it is now deciding the fate of the market – whether it will grow the next six months, or will continue to fall to $5000 per coin, and then to $3000 per bitcoin.
From the point of view of technical analysis, while the price of BTC has not gone below $6300, it is still hoped that the price may form a reversal figure “Inverted head and shoulders” on the daily chart and in this case, the campaign of the market down and breakdown important level of support at around $6700 for y BTC – phenomenon is not so critical, and relatively low prices is temporary.
But if the market in the coming days will continue to decline, neither of which topping the figure of speech would not have to go, in this case, the hope for a recovery and rising prices of cryptocurrencies in the coming months will not receive confirmation.
Industry in dire need of positive news that can give rise to large open positions on the institutional players, whose arrival is expected since the end of last year, but still, apparently, never happened.
Perhaps this fateful day will be August 10 – this day will be known the verdict of the SEC on the application of the Chicago Board options exchange CBOE at the opening of OTC investment bitcoin ETF Fund. The use of the ETF will be able to attract large investments, as access to assets will receive only accredited investors with a solid investment. To buy only one share, the investor will need 25 bitcoins. Accordingly, the opening of the ETF will give access to really reliable trade controlled by the controller, and providing access only to large investors that have a positive impact on the value of the cryptocurrency.
“International Financial Center”