The Bitcoin price has been declining over the past month. Currently, it suffered a drop of 2.70% which is one of the dozen drops it experienced this week – falling to $7,345 and failing to sustain the momentum after almost reaching the $9,000 mark.
The sudden spike in volume made the crypto market move up slightly but struggling to record any major movements. Even though many investors expressed their optimism for the Bitcoin price in 2018, it is highly likely that it will drop to $6,000 as suggested by one cryptocurrency researcher named Willy Woo.
As Woo claims:
“I think we are gonna go to $5500-5700 next, I can’t see $7000 holding. Most likely we’ll balance a bit, then we’ll slide through. Long timeframes here, looking into June for rough timing of this to play out at a best guess.”
The co-founder of Blocktower and a famous cryptocurrency investor Ari Paul expressed similar thoughts, stating that an abrupt increase in volume and price is not expected. As he said:
“Always a good bet for vol to mean revert, but this has been a low volume consolidation which is a much weaker setup for explosive moves than a high volume consolidation.”
Still, there are people like Tom Lee who call increases in the value of Bitcoin and still believe that the leading cryptocurrency will rise by 70% in 2018, predicting a $25,000 target for Bitcoin in the short term. As Lee explained at the Consensus 2018 conference in New York:
“I think institutional investors have gained a lot of interest, and they haven’t really come into crypto yet because there is still some regulatory uncertainty. But that sort of ultimate allocation into crypto as an asset class is going to be a powerful reason why Bitcoin rallies.”
All in all, the struggles of the cryptocurrency market are real this month. The truth is that for some, they are a pain to the eyes – and for others – an amazing time to buy low and sell high.
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