Bitcoin prices, plummets correcting itself.
December 26, 2017 6:23 am,
As on 24th December 2017, the Bitcoin price is ranging at approximately 14500 USD.
Before a detailed analysis, let’s list down a few trends:
- BTC broke down out of its hypodermic trend.
- It is currently finding support on its macro parabolic trend.
- Another shove downward is likely, but experts believe it will lead to a bounce to a medium-term consolidation period.
- According to the above graph, BTC price was holding on by a thread near the red, hypodermic trend line. Once it managed to break this trend, the price immediately and aggressively dropped. Thus, the market signaled the end of the current parabolic breakout. Currently, it is finding support on the parabolic curve; but on the lower timescales, it shows signs it might take one last move downward before a proper bounce occurs.
- BTC prices dropped on 21st December, Thursday after the cryptocurrency has been under investigation by digital currency exchange Coinbase.
- So, BTC has surged to USD 14,500 today (24th December 2017) Despite the sharp fall this week, BTC price has jumped nearly 14 times this year, leading to some regulators caution the public dealing with the cryptocurrency.
- We can say that BTC’s journey has been anything but volatile this year. BTC hit a record high of $19,666 on Sunday (17th December 2017), when the exchange giant CME Group launched bitcoin futures, one week after its rival CBOE Global Markets listed the world’s first bitcoin futures. In November, it tumbled almost 30 percent in four days from $7,888 to $5,555. In September, it fell 40 percent from $4,979 to $2,972. The BTC’s rapid gains this year – its price has soared about 19 times when it hit a record high above $19,000 – have spurred caution and alarm among some policymakers. This volatility in BTC prices continued, with the value of the cryptocurrency recovering to $14,200 on Bitstamp (a cryptocurrency exchange based in Luxembourg).
- From its record high of $19,666, hit last Sunday, bitcoin prices fell over 36%, losing more than one-third of its value, to hit USD 11,159.93 on Friday. At 12.45 am, BTC was trading at $14,535 on Bitstamp. The BTC price hit a high of $14,619 in past 24 hours and dropped to a low of $13,463.So, is the market selling to buy holiday gifts? Or are evil bankers at work in the market?
You can also get yourself acquainted with BTC forecasts for the next year here: https://www.fxstreet.com/analysis/best-2018-bitcoin-price-predictions-btc-usd-projections-from-8073-to-89750-201712221158