Bitcoin Price Slips Below $8,000, Despite Bullish Forecasts

News
Thu, 11/21/2019 - 08:24
Yuri Molchan
Despite the recent forecasts promising a bullish reversal, the Bitcoin price dropped below $8,000 a few hours ago
Cover image via 123rf.com
Contents

As per several recent forecasts made on Crypto Twitter, the Bitcoin price was on the one hand expected to start ascending. On the other hand, a chance remained that the father crypto would decline.

The bears are taking over

Still, the same analysts allowed for a chance that the bears would take a lead of the market and the price would dump.

As per data from the BitMEX, in the fall 2018, the BTC price tanked around 40 percent after a week’s rise, similar to what the market has seen recently. Judging by the data, the same could happen this time round too.

Presently, Bitcoin is trading at $7,984, the lowest mark since late October, as commented by Mati Greenspan in his newsletter.

Image via CoinMarketCap

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Bitcoin Distribution: 40 Percent of all BTC Controlled by 2,000 People – Will BTC Really Change the World?

Bitcoin price tanking despite positive news

Recently, the PayPal CEO Dan Schulman admitted owning Bitcoin. Besides, the financial giant Fidelity has recently acquired a license from the NYSDFS regulatory body.

Now, Fidelity will be able to offer services in crypto trading and crypto custody to top-notch New York customers.

The price recovers

The good news is that the price has just recovered to the $8,100 area.

Image via CoinMarketCap

 

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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, can be contacted at yuri.molchan@u.today.

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