Many crypto enthusiasts, analysts, and traders are hoping that bitcoin will recover by the end of this year and potentially make headlines here at DC Forecasts Bitcoin news site since it’s now gaining stability at $6,400 price point.
Over the past ten days, Bitcoin remained stable between $6,300 and $6,500 price range while still struggling to start an upside movement. Its volume declined in the past three days to $3.1 billion which is nearly a 20 percent drop.
All of the trading activities on the market also declined since all of the investors try to avoid taking high-risk trades.
Since the end of summer, for nearly three months Bitcoin is showing a record-breaking high stability level. Also, the dominant cryptocurrency didn’t experience crazy volatility shifts. It did, however; stabilize in the lower price range and according to Willy Woo, a very popular cryptoanalyst, the entire crypto market is likely to be in the middle of a long-lasting bear market.
He continued explaining that the correlation between the market cap of all major cryptocurrencies and the network volume could serve as a great indicator to measure how deep does the current bear market go.
Despite the fact that the market is in a long-lasting bear movement, this does not mean that large drops could happen. Bitcoin could show a declining movement in the long term but given the current stability, a drop below the $6,000 is highly unlikely.
In the following days, the price is expected to remain between the $6,400 and $6,600 price range because of the low volume. However, certain events could send the price reaching up to $6,800.
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