The bitcoin exchange rate could drop below $6000, the new forecast expert
After sharp falls last week, the cryptocurrency market once again in the stage of calm, and character movement it seems that the downward trend will continue.
The value of Bitcoin is $6299, price slightly rose by +1,47% in recent days, however, for the week coin drop is -12,48%, which demonstrates the power of the bears.
The greatest losses of the TOP 10 cryptocurrencies in the Coinmarketcap shows a version of the coin Ethereum – this week the air has decreased by as much as -31,25%. Coin for the first time since September 2017 is trading below the level of $200, the current value is $197,77, and in some markets even lower. The following purpose of decrease in Ethereum is the level of $150 per coin. Even the founder of the project, Vitaly Buterin, spoke about what to expect thousandfold growth in the cryptocurrency is not, as such figures in the past.
Buterin believes that the growth of the first years was due to marketing and attempts to spread information about new technologies.
However, now the conditions have changed, most educated people (according to Buterin) heard about the blockchain at least once, because the new rally and more are expected.
It should be recognized that the statements of the founder of Ethereum more reasoned and adequate, rather than unfounded allegations that “bitcoin will be worth $50000 to the end of the year” based solely on the private opinion of certain individuals, and therefore completely which is not forecasted, although the media and feeds them as predictions.
Regarding the exchange rate of bitcoin, the next goal in the case of reduction would be $5800 per coin, where there is a strong support area where the market has bounced twice already this year – August 13 and June 25. Since each following the approach of prices was accompanied by a smaller increase (first time BTC/USD rose by 47%, and the second time only at $25,15%), it is reasonable to assume that the $5800 not stand and be knocked the price down, in this case the target will be the level of $5000 per Bitcoin.
News background accompanying the fall of the “home” of cryptocurrency and the market (capitalization fell back below $200 billion to $196 billion), is the decision of the SEC to suspend trading ETN on Bitcoin and Ethereum, which many investors appeared to be confused with ETFs. It is the confusion of investors and forced the SEC just ban the tool Bitcoin Tracker One Ether and One Thacker, who launched the Swiss subsidiary of the British company CoinShares Holdings.
Since the SEC banned trade ETN, it is likely that a decision on the ETF, so the market is waiting for, may be negative, in this case, panic selling and reducing the cost of all major cryptocurrencies – the most likely scenario.
“International Financial Center”