Various Cryptocurrencies Record Minor Recovery While Bitcoins Prices Slumped.
In spite of continued anticipation for a surge in Bitcoin prices, there were three consecutive sell-offs in yesterday, where Bitcoin prices dipped below $7250, having dropped from $7900 and finally settling at $7400.
Cryptocurrency markets are highly volatile and would require firm belief both in the short term and in the long run. In such times as these, positive developments and events that would presumably affect the valuation of cryptocurrency markets may not result in any significant positive results. It cannot be predetermined entirely on the ultimate prices of Bitcoin prices in the long-term.
According to Arthur Hayes, BitMex CEO, he believes that Bitcoin will ultimately reach great price levels in few months. “Bitcoin will hit $50,000 by the end of the year,” He said. His statement came after BTC price plunged in January leading to a need for cryptocurrency regulation.
According to Hayes, the US retail in cryptocurrencies should be one likened to that of Asia, where Asia trades digital assets to encourage investment in their cryptocurrency markets. “I think Asia dominates crypto because they are very used to digital trading assets.”
“So take South Korea, for example, they have been trading digital goods related to video games for almost two decades. So, when you move to a purely money-based digital currency, they understand that culturally so they get on board quickly.” He added.
However, there have been new entrants into the cryptocurrency markets who were expected to shape and cause the valuation of the best Bitcoin wallet cryptocurrencies. However, the price of individual coins continues to slump. These entrants include financial institutions such as the New York Stock Exchange, JP Morgan, and Goldman Sachs. Despite such bulls confirming belief in cryptocurrencies, there are minimal recoveries.
Based on recent Bitcoin price trends in past months, a higher recovery and correction of BTC prices is possible, with much expectations expected to go beyond $6000. However, this can only happen if the overly strong downward trend of BTC is maintained and all other cryptocurrencies in the global market as well.
A look into the history recent Bitcoin prices
If you were to analyse recent history in Bitcoin prices, you undoubtedly would confirm that there will be a rise in Bitcoin prices, however, maintaining a mid-range at $6,000. This is true after Bitcoin prices dropped from $20,000 to the region of $6,000. However, the price rebounded back to $12,000 after that dropping back to its support level at $6,600.
A similar condition, occurred when BTC prices dropped from $11,000 to $6,400. This would further slump to mid $6,000 region, with a likelihood to get back to $10,000 or $12,000 region.
When the price shot to about $20,000 in December, last year, the valuation of BTC had just reached its monumental price. So Amid criticism by various banks and financial experts, there are still higher chances for Bitcoin prices to rise and consequently other cryptocurrencies as well. The possibility of Bitcoin price rise is more than would be expected.
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