Bitcoin to bolster its way back to the top as quiet markets signal perfect time for trend reversal.
Bitcoin has been taking a steady ride down and into the murky depths of the sub $200 zone. With miners falling into a state of panic and shutting of their hashrate the number of new bitcoin produced is slowly declining. With small time miners pushed out of the game even big corporations are feeling the crunch of the current Bitcoin prices.
Bitcoin has recently seen its name plastered across a whole host of big names including eBay and Microsoft but the huge exposure has not led to a huge price increase. Many blame this on loss of interest for the technology whilst many attribute the price plummet to a incoming price rally. However currently charts show the price is slowly gaining momentum and pushing past resistance at levels of $200- $205.
The price of Bitcoin has recently shown small signs of recovery as the prices slowly stabilize around the $200 mark. When the prices dipped well below this support level, expected panic ensued. Once the price fell to $160 many believed bitcoin may as well be dead.
“Merchant uptake is faster than anyone expected,” he [Steve Beauregard] recently told Inside Bitcoins. “Nobody expected the PayPals and the Microsofts to be in this early. And when you have that much demand for the coin and you have to get liquidity out of it, you really need to have the other side buying at the same rate and I think that clearly the sellers are outnumbering the buyers over the last six months and that adds downward pressure.”
The prices of Bitcoin are expected to recover by the end of the month considering strong market movement will be incoming. This has been hinted by the big events which occured including the million dollar funding round which finished earlier for Coinbase. With the volume also jumping slightly by the hour it is anticipated the market cap can rise to allow the prices of Bitcoin to recover to the $400 mark seen just a few months earlier. Currently Bitcoin price charts display price jumps and currently market price is around $224. This comes as a pleasant surprise for many as the majority of traders anticipated the price to remain at around $200 not breaking the $250 mark.
To conclude the current market movement will bring out two very different opinions. Once from the pessimists who consider the low volume and small price movement to be a sign the ship is sinking. On the other hand many consider that the current market correction will allow for the price to recover doubling up to over $400, allowing a period of market growth. Everything is going for the Bitcoin, with real life adoption at its all time high, the price is bound to recover eventually. Whilst we are in the midst of a midlife crisis it is anticipated the price will go in the direction we all want it to, to the moon !
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