Bitcoin (BTC): What Could Give Reprieve To Traders?

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Bitcoin (BTC) has continued its slide today after going down by 6 percent yesterday on news that South Korean authorities had staged a surprise raid at Upbit crypto exchange.  Today sees the trend continue, BTC/USD currently trades at $8432, a price decrease of 6.16% in the last 24 hours.

BTC/USD is also down double digits over the last 7 days, a combination of stats that sees its market cap fall to $143 billion, with a dominance level of 37.8%. The same picture is replicated across the market with some coins in the top ten suffering double-digit declines over both 24h and 7-day charts.

For much of May, Bitcoin has been trending in the green, well above $9000 and having analysts predicting further growth over coming days. However, that streak that had lasted two weeks came to a halt on Friday.

South Korean authorities descended on Upbit alleging fraud and manipulation. The news must have contributed to the sudden decline in prices, possibly setting panic alarms off. The main concern, for Bitcoin and other major cryptocurrencies, is that this could be a reflection of what the future portends in relation to heightened regulatory crackdowns.

The crypto world may have panicked, but Upbit exuded confidence that nothing should worry investors. The platform had posted the message below on their website, though prices still went down.

“UpBit is currently under investigation by the prosecution, and we are [cooperating] diligently … services, such as all transactions and withdrawals are operating normally. Your assets are kept securely in your account.”

According to data at CoinMarketCap, the top currency on the market declined by over 6 percent, its value dropping from $9052 on Thursday, to close at $8441. The market cap also shrank by $4 billion, leading to a dominance index of 37.8%.

The market has historically shown that when Bitcoin declines, the rest of the market does too. This isn’t about to change as you can see from the chart below by CoinMarketCap.

The current decline for Bitcoin isn’t the only one to be attributed to or connected to events out of South Korea. On January 10th, the authorities in the country did conduct raids on a number of exchanges leading to about 7 percent price decline for BTC. It is an illustration of how the market is still vulnerable to events that are perceived as a turbulent. Bitcoin, especially for being the most dominant and widely spread crypto always feels the heat.

It’s expected that BTC will recover, bouncing off to even higher values in the near future. As for how long this current mini-bearish trend will hold, only time will tell. However, BTC and the rest of the crypto world could have some kind of reprieve in coming days.

Blockchain Week New York

The current reverse for Bitcoin comes days to this year’s Blockchain Week in New York. Historically also, BTC value has been known to spike in the aftermath of this event. Likewise, the current drop will likely be leveled off with positivity from the event.

Blockchain Week New York began on May 11, 2018, and will run up to May 17, 2018. It is a highly anticipated event that could see the price of BTC recover to trade above $9,000 and possibly higher. It’s the first time New York is hosting the event that is estimated to have about 8000 crypto enthusiasts take part.

Investors and analysts will be following events as they unfold keenly. It’s expected the current atmosphere is likely to change very fast and Bitcoin could lead the charge back towards the green.

In other news involving Bitcoin, experts believe that the crypto will recover to hit new all-time highs this year. It’s also predicted that the value could soar to about $64,000.

“We believe the current path of hash power growth supports a BTC price of about $36,000 by the 2019 year end, with a $20,000-$64,000 range,” said Sam Doctor, head of data science research at Fundstrat. In these comments quoted on CNBC, the Wall Street analyst believes miners will play a very big role in the growth of BTC’s value.

Elsewhere, Roger Ver, a staunch promoter of Bitcoin Cash has also made a prediction of his own. He has said that the Bitcoin-Ethereum “flippening” will happen by the end of 2018. While this isn’t likely to be his real conviction, it reignites the bitter rivalry between BTC and BCH, a fork of Bitcoin that Ver supports fervently.

It’ll be interesting to see how this current flippening shape up, as the last one fizzled out early this year. One thing is for sure, by then, the value of Bitcoin (BTC) could be well beyond $10,000.

Source: https://stocksgazette.com/2018/05/12/bitcoin-btc-what-could-give-reprieve-to-traders/

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