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

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  • Yuri Molchan
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    Despite the recent forecasts promising a bullish reversal, the Bitcoin price dropped below $8,000 a few hours ago

Bitcoin price recovers after sliding below $8,000
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.

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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.

BTC price tanks
Image via CoinMarketCap

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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.

Bitcoin price recovers
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.

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Bitcoin Fees Could Exceed $100 in 2020: Blockchain Capital

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  • Alex Dovbnya
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    Bitcoin could hit a new all-time high with network fees exceeding $100 in 2020, according to Blockchain Capital

Bitcoin Fees Could Exceed $100 in 2020: Blockchain Capital
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Contents

Blockchain Capital's Spencer Bogart has recently published a list of 2020 predictions for cryptocurrency predictions. The most remarkable one concerns Bitcoin fees that are expected to surpass $100 next year due to the growing demand for transactions.

Back in December 2017, during the heyday of crypto, the average Bitcoin transaction fee increased to $55. As of Dec. 12, 2018, it is just at $0.52, BitInfoCharts data shows.    

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Bitcoin blast past a new all-time high 

According to Blockchain Capital, Bitcoin is set to experience another price rally in 2020 that could push its price above the current all-time high of $20,000. However, it is very unlikely to touch reach $1 mln (sorry, John McAfee).  

The crypto community expects the BTC price to skyrocket because of the upcoming halvening after the enormous returns of the previous two events. This time around, the reward for each mined coins will be decreased to just 6.25 coins. 

As reported by U.Today, the famous stock-to-flow model, which measures the coin's value by determining its scarcity, would be invalidated if Bitcoin didn't surge past the $100,000 mark before December 2021. 

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Privacy coins get delisted 

In the meantime, Blockchain Capital suggests that 2020 is going to be a tough year for stablecoins. Major exchanges could be forced to delist the likes of Monero (XMR), Zcash (ZEC), and other anonymous cryptocurrencies due to growing regulatory pressure. 

The writing is already on the wall. ZEC, which recently reached a new all-time low, was delisted from Coinbase UK back in August. In October, OKEx Korea moved to delist all major privacy coins but later decided to review its decision.     

In this Telegram channel you’ll find fresh news, interviews, infographics, forecasts & other helpful stuff. Join U.Today's channel.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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