With a currency like this which requires no regulation and is pretty safe from inflation and crisis on the stock market, it is clear that warnings would emerge, some even calling it a fraud or scam, applying to the fact that there is nothing in the world that could possibly be “so safe” implying on the concerns of others who say that bitcoin is just a bubble waiting to burst.
Some analysts predict a bullish forecast over the next couple of days and weeks for Bitcoin. However, a major sell-off of the largest cryptocurrency by market cap could indicate an opposite direction – despite the potential increase in volume.
David Garrity is one of the few experts who believe the total opposite than the before mentioned experts. He believes that bitcoin will crash as low as $5.000 by the end of 2018. However, he says as soon as the year ends, the price will go back up.
Right now, the downtrend of Bitcoin is strong which is why it is very likely for the largest cryptocurrency to test a support level at $6,800 and possibly $6,500 if the volume of the market does not go in a corrective rally. In June, BTC tested the $5.500 mark but gained momentum and bounced back to $8.000.
According to analysts, the price of Bitcoin may dip towards the trend line and go to as low as $7,900 in the worst-case scenario. However, what is more, likely to happen is for it to break the $8,500 level over the next week and target the $9,000 level by mid-August.
At the end of the day, Bitcoin is still in a good position and is already making headlines about one-month and two-month high price records.
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