In the latest Bitcoin news, we are coming closer to the 10th birthday of the most dominant cryptocurrency out there – which is currently trading sideways and still hovering below the $6,500 mark.
Right now, BTC is trading at $6,455 as per the Bitcoin Price Index (BPI) which is up about 5% on a yearly loss. However, analysts are afraid that the annual performance could turn negative if the lateral trading continues for another 48 hours, mostly because Bitcoin was trading above $6,400 on October 31st, 2017.
The year-on-year loss would in that manner deepen, especially if the cryptocurrency fails to pick up a bid next month. The prices had witnessed a near 90-degree rally to levels above $8,00 in November 2017 after the speculation that the BTC futures listing would perhaps open new doors for institutional investors.
Let’s also not forget the fact that Bitcoin topped out around $20,000 in December 2017 and has sunk to $5,000 afterwards. A significant majority right now, however, believe that the cryptocurrency has charted a “bottom” around $6,000 and that its future looks good in terms of potential gains.
Most Cryptocurrencies Report Slight Losses, Bitcoin Cash Grows Continuously
Analysis: Bitcoin Finally Pushes Over $4,000 As Other Cryptos Experience Growth
Bitcoin Dominance Falls To 2019 Low: Is The Altcoin Season Here?
Bitcoin (BTC) Could Be Heading For Another Downward Run: Bloomberg Report
“The entire industry is ripe to resume a path to lower prices. Conditions are akin to November , just prior to the collapse. Prices are consolidating within narrowing ranges, with a few sharp bear-market rallies that appear fleeting.”Many other industry experts have suggested that investors are forgoing Bitcoin in order to move their money into altcoins. As one senior analyst at eToro named Mati Greenspan said in an email sent to Bloomberg:
“Bitcoin's 20% gains isn’t a poor performance. It’s just that investors are seeing more potential in some of the smaller tokens at the moment. As we approach the culmination of the crypto winter, we’re actually seeing some of the altcoins delivering spectacular gains in the last few weeks. We are now in what industry insiders like to call alt-season.”He also noted the following:
“It’s just that investors are seeing more potential in some of the smaller tokens at the moment. As we approach the culmination of the crypto winter, we’re actually seeing some of the altcoins delivering spectacular gains in the last few weeks. We are now in what industry insiders like to call alt-season.”Right now, data shows that the Bitcoin MACD is right now at 44.3, pointing to a new "sell" recommendation while the coin is trading below $3,900 and is stable on the day.
Join us on Facebook
- Dissident Revolutionary Group Use Crypto To Overthrow Kim Jong-Un In North Korea
- Crypto Benchmark Indices Launched On Bloomberg, Reuters And Nasdaq By CoinMarketCap
- Binance Enables Australian Users To Buy BTC At 1,300 Newsstands
- Ron Karpovich: Crypto Innovators Will Have To Use A Bank To Move Funds
- Binance: Australians Can Now Buy Bitcoin With Cash From 1,300+ High-Street Stores
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Bitcoin News2 days ago
Block.one CEO: Bitcoin Will Replace Gold As The Leading Commodity
Altcoin News5 days ago
Bitcoin Slowly Reaching $4,000 While Stock Market Goes Green
Bitcoin News4 days ago
Boston Legal System Damaged After BTC Ransomware Attack
Bitcoin News3 days ago
Analysis: Could Institutional Adoption Bring The Financial Elite To Destroy Bitcoin?
Bitcoin News4 days ago
BTC Lightning Network Surpasses 1,000 BTC Network Capacity On Its First Birthday
Altcoin News4 days ago
Cryptocurrencies Are Not Banned In Mexico: Bitcoin Exchange
Blockchain News4 days ago
Blockchain Representatives Raise Concerns About A Nevada Crypto Bill
Blockchain News2 days ago
Ledger Nano S Wallet Receives First Level Security Certificate From French ANSSI