Categories: Speculation

Bitcoin Price Analysis/Speculation – 08/8/2015

Bitcoin prices have fallen once again with the weekly figures standing at a 4% loss of value. Whilst this may not look like much the markets have fallen into a downward spiral as the fairly strong barrier of $275 was broken leaving way for prices to fall much further to current levels as there is simply no support for values below this label.

As seen below the prices of bitcoin are currently $268 which is a drop from yesterdays values. This week has been fairly uneventful for bitcoin as it coasted along the $280+ range. However as the week closes the prices also fall. Whilst many consider this regular as miners will sell off dramatically to pay bills etc, others are considering the possibility that this negative movement may be the signal for another much stronger price drop…


Speculation

Related Post

With few buy orders present at levels below the $276 strong hold it is likely that the current bearish activity is here to last a little longer as the market retests lower levels of $250 before a much stronger rally develops pushing the value for bitcoin once again over $300. It was clear to many that the period spent over the 300 figure was on borrowed time as the price receded to pre rally levels in a matter of days. The current market action is representative of the broken uptrend which many were referring to as a complete trend reversal.  Personally, the prices of Bitcoin are likely to fall into the $260 figure which would be ideal as they are pre rally levels which are strongly supported with over $10000 worth of capital available at this level. However if the prices of Bitcoin fall below $260 another rally may not be a occurrence for a days as the amrkets repeat and rinse the regular cycle in which some make money but some don’t. So its settled, $260 is the figure we will be waiting for but till then it seems that the trend may remain unbroken as the downtrend is clear and prices are still falling.

 

Please follow us on Twitter and Subscribe to the newsletter for more !

Mark Arguinbaev

I'm a 29 year old cryptocurrency entrepreneur. I was introduced to Bitcoin in 2013 and have been involved with it ever since. Fun Fact: I mined cryptocurrency using my college dorm room's free electricity.

Share
Published by
Mark Arguinbaev

Recent Posts

Best Altcoins to Invest in Today: Qubetics Sets the Stage for Blockchain’s Future as Bitcoin Hits $108K and Litecoin Soars

The cryptocurrency world has always been a hotbed of innovation, attracting both seasoned investors and…

7 hours ago

Dogecoin Millionaire Predicts This Undervalued Altcoin Could Match DOGE’s 2021 Gains

Dogecoin's 2021 rally was a historic one, turning ordinary investors into overnight millionaires. This magnificent…

7 hours ago

Qubetics Presale Skyrockets to $7.5M as XRP and Arbitrum Lead Best Altcoins for Exponential Returns

The crypto market is always evolving, with big names like Bitcoin and Ethereum leading the…

8 hours ago

Over 300K Users Actively Mine Crypto On BlockDAG’s X1 Miner App While BNB Bulls Eye $3K; What’s XRP’s Price Target?

The crypto market is ablaze with excitement as altcoins like XRP and BNB make major…

8 hours ago

Best Crypto Presale To Buy Now: Rollblock Delivers For Holders With New License, Record Sign Ups and 7000+ Games

Rollblock is quickly becoming the best crypto presale to buy, delivering unmatched value for its…

12 hours ago

Polkadot And Uniswap Gearing For Post-Christmas Jump As Rollblock Raises $7.4 Million in Presale

While Rollblock's continues its crypto presale, with its value increasing regularly, Polkadot (DOT) and Uniswap…

13 hours ago