The post below was published on August 13, 2017. It is not my aim to report price movements of Bitcoin as an investment vehicle. Bitcoin is a global phenomenon, and has attracted hundreds of millions of dollars in capital, both from investors and speculators. Those that hold Bitcoin are probably well aware of the price movements, but they want to know about its viability as a payment and transaction mechanism, and whether it will be adopted for those purposes globally. I am not qualified to do that, but I can speculate on that. The purpose of this post is to give a head start to those who want to follow up with their own analysis and analysis of other elements.
Since the start of December 2017, Bitcoin has gone through a series of lower highs and lower lows. The current price of Bitcoin, which stood at $3,318 at the time of writing, is the lowest it has been since the start of last year. However, this bearish trend is unlikely to last, as Bitcoin has experienced similar lower highs and lower lows since 2012 and the price has yet to reach a bottom. We are predicting that Bitcoin will continue its downward trend by dropping to around $2,200 before the end of the year.
The Bitcoin price has been stuck in the $3,000 range for a few days now, and it’s not too surprising given the current sentiment surrounding Bitcoin. The cryptocurrency is under pressure from a number of factors such as the poor performance of other cryptocurrencies, increased regulatory uncertainty, and a lack of confidence in the market.. Read more about bitcoin price prediction and let us know what you think.
- BTC made a comeback yesterday.
- The lower swing high is $32,800.
- Bears are now preparing for a new downward push.
As additional upside has been denied overnight, and $32,000 barrier keeps the market in place, negative pressure is expected to take over later today. As a result, we anticipate BTC/USD to begin falling later today and continue to fall in line with the negative trend that has been building for many weeks.
Heat map of cryptocurrencies. Coin360 is the source of this information.
Over the past 24 hours, the crypto market has been largely in the green. Ethereum is up 5.2 percent, while Bitcoin is up about 2.1 percent. The remainder of the top cryptocurrencies are approximately 2-4 percent behind the leaders.
Bitcoin’s price trend during the past 24 hours: Bitcoin sets a new lower low.
BTC/USD fluctuated between $31,510.54 and $32,752.33, suggesting considerable volatility. The amount of trading has risen by 9% in the past 24 hours, totaling $25.13 billion. Meanwhile, the entire market value is approximately $603.6 billion, giving the company a 45.9% market share.
BTC/USD 4-hour chart: Is BTC about to drop again?
The Bitcoin price is building a base around $32,000 on the 4-hour chart, indicating that another push down is on the way.
4-hour chart of BTC/USD. TradingView is the source of this information.
After many lower highs, bitcoin’s price has been in a strong negative trend for the last several weeks. However, the key support level around $29,00-$31,000 has yet to be broken, suggesting that a significant trend reversal may occur in the coming weeks.
BTC/USD rose to $32,000 barrier yesterday, with a short burst higher to $32,800. From there, a move to the upside was quickly rebuffed, and a new lower swing high was established. Following that, there was a sideways consolidation, which could lead to a big drop later this week for BTC.
If the Bitcoin price finds support around the previous low of $29,500, the market may begin to reverse in the next week. BTC/USD, on the other hand, is expected to eventually break through the key support and proceed to hit fresh multi-month lows from there.
Conclusion of the Bitcoin Price Analysis
Because a significant lower high was made around the $32,800 level yesterday, bitcoin price analysis is negative for the next several days. BTC/USD has stabilized around $32,000 since then, as bears ready to drive the market down once again.
While you wait for Bitcoin to drop any further, read our tutorials on Bitcoin costs, DeFi benefits, and what you can do with Bitcoin.
Disclaimer: The material on this website is not intended to be trading advice, and.com assumes no responsibility for any investments made as a result of the information on this page. Before making any financial choices, we highly advise doing independent research and/or consulting with a competent expert.
Bitcoin BTC has been stuck in a range since early December, despite a few attempts to break through near the $32,000 level. This is a bad place to be, with prices down nearly 20% over the past month. But, price action suggests there is more downside to come.. Read more about bitcoin price prediction chart and let us know what you think.
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