Bitcoin’s Maturity And Low Volatility Goes Out The Window — BTC Going Down, Price Analysis. Thursday, October 11th
Bitcoin’s Maturity And Low Volatility Goes Out The Window — BTC Going Down, Price Analysis
After a stable couple of weeks and praise from several experts about its growing maturity and low volatility, bitcoin has tanked its prices. Like the norm, as it went down, so did almost all cryptocurrencies. At the time of writing this, the entire market has bled well over $15 billion. Altcoins have lost between 5% to 15% in the last 24 hours. It has been hard to pinpoint what has triggered this recent plummeting but many have thought it has something to do with a recent statement from the IMF. The International Money Fund has recently stated that the recent growth in crypto assets will cause a major financial crisis creating “financial vulnerabilities” in the economy.
Another factor that has added to the sudden decline is due to the lateral trading that was witnessed for a very long time. This facilitated a great environment for the bears to move in and drag the price down. The lack of a trading pattern meant that if there was panic in the market, there would be a massive sell-off. True enough, when the market started dropping, many abandoned the ship.
The recent plummet might be the final rally that sees the bears bottom bitcoin’s price before the end of the year. There is also a high likelihood that the price will continue falling and hit $6,000. However, many experts expect it to find this level as its support level.
For now, bitcoin is shabbily trading at $6,285.8 at the time of press, and it continues to hold the market down. Until a recovery is found, the market will continue to trade low. In the next couple of weeks, the SEC will be determining the fate of nine bitcoin ETFs and as we reported this could be the trigger that dictates the end of the year for bitcoin, and by extension all other cryptocurrencies.
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