U.Today Franchise
0
📰 News

Bitcoin Price May Drop to $6,800 but Small Bullish Reverse Is Likely: Crypto Analysts

Put your
crypto to
work
  • 0.00

    Interest per week

  • 0.00

    Interest per year

  • 0.0

    Interest rate

Join Now!
Sponsored by Celsius.Network
  • Yuri Molchan
    📰 News

    The Bitcoin price may show a tiny bullish reverse, however, analysts see the market under bears’ control at the moment

Bitcoin price to keep dropping, analysts say, Pomp buys more BTC but CZ does not have fiat for it
Cover image via 123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

Yesterday, Bitcoin dropped below the $8,000 for the first time since early October. After surfacing above this level briefly, BTC plunged again, this time much deeper.

Earlier today, the Bitcoin price spilt some more blood in the market and dropped to $7,500. Analysts assume there just might be a slight bullish reverse but the trend is bearish, they admit.

BTC price CMC
Image via CoinMarketCap

‘A bounce-back seems unlikely at this point’

The analyst @CryptoMichNL writes that a pullback to the $7,700 would be nice. However, it is unlikely at the moment. Unless Bitcoin starts trading sideways at $7,500, he expects it to plunge further to $6,800 or even to $6,300. The market is being fragile, he concludes.

‘Yikes…the trend is with the bear’

Another crypto analyst, @filbfilb, believes that at present the bears are in control of the market. He does expect a little bounce-back, it seems, however, trend is with the bear, he says.

There is a chance that Bitcoin would reverse in December, as this is when Bakkt plans to launch cash-settled Bitcoin futures. However, that cannot be a guarantee. In early fall, when the company rolled out Bitcoin-settled BTC futures, the price of the flagship crypto dropped due to the low and disappointing trading volume on Bakkt.

👉MUST READ

Bitcoin Is Forming "Very Ominous" Price Pattern, Gold Will Be Fine: Peter Schiff

Bitcoin Is Forming

Pomp buys more BTC, but CZ does not have fiat to buy it

The crypto expert Anthony Pompliano who was among the first one to buy more BTC when it dipped earlier this year, tweets he has bought some more again. Other investors are likely to buy it too, now that the price has dropped, to reap more profits later on.

However, the head of Binance exchange, CZ, admits he cannot buy Bitcoin since…he does not have any fiat. A nice ironic way to emphasize his trust in crypto and disdain to the current financial system.

 

 

Subscribe to U.Today on Facebook, and get involved in all top daily cryptocurrency news, stories and price predictions!

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

Recommended articles
CLOUD MININGPromoted
0
📰 News

Ethereum’s Vitalik Buterin: Fiat Money Will Not be Destroyed

Put your
crypto to
work
  • 0.00

    Interest per week

  • 0.00

    Interest per year

  • 0.0

    Interest rate

Join Now!
Sponsored by Celsius.Network
  • Vladislav Sopov
    📰 News

    Vitalik Buterin, Co-Founder of the Ethereum Foundation and “father” of Ethereum, sat down with Eric Weinstein on The Portal podcast to discuss “old” and “new” economics.

Vitalik Buterin, Ethereum: Fiat Money Will Not Be Destroyed
Cover image via www.youtube.com
Contents

Two intellectuals, Vitalik Buterin (Creator of Ethereum), and Eric Weinstein (PhD, scientist, and Managing Director at Thiel Capital), recently sat down on The Portal to discuss Mr. Buterin's attitude towards the "classic" economics theory.

Libertarianism and Diversity

When both individuals discussed libertarianism, Vitalik Buterin said that libertarians mostly belong to two large groups characterized as either a "leave me alone'" or "conquer the world" approach. This divergence can be extrapolated into cryptocurrencies in terms of their mass adoption.

Mr. Buterin highlighted that there are participants within the crypto community that are assured that fiat currencies will be destroyed and replaced by Bitcoin (BTC). In general, Mr. Buterin estimated that the prospects of any "short-term disruption" for the sake of some "nebulous long-term gain" is skeptical. He said:

I'm definitely not in the camp that actively relishes that fiat currencies will be destroyed. 

Mr. Buterin added that several members within the Bitcoin community share this belief.

👉MUST READ

Are Ripple and XRP Getting Ready to Replace SWIFT?

Are Ripple and XRP Getting Ready to Replace SWIFT?

Peaceful Coexistence

Vitalik Buterin predicts that Bitcoin and other cryptocurrencies will coexist with fiat money and balance the disadvantages of the classic monetary system. He also added that cryptocurrencies will provide "checks and balances" against a government monopoly on "issuing money" rather than "replacing it entirely".

👉MUST READ

Stablecoins Growing in Popularity, Showing Potential to Replace Fiat Later On

Stablecoins Growing in Popularity, Showing Potential to Replace Fiat Later On

Mr. Buterin is well-known as a champion of pluralism in future world of cryptocurrency. He is sure that different communities will defend their views on its development.

Will crypto one day replace fiat money? Tell us your opinion on Twitter.

Join our Telegram channel to get news even faster!

About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

Recommended articles
CLOUD MININGPromoted