Bitcoin showed a downward movement today as the price went below the level of $8,600.The long term stay for many days above the $9,000 comes to an end and the price went down by the selling pressure. A recognized trader of the crypto markets warns that BTC is on its way to show some more low points.
It is seen on Nov.14 that trend line touched the mark of $8,550- the lowest level since October -which means that digital gold has come under the pressure of sellers. However, the current value is hovering at $8,718 according to the coin market cap.
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As the Bitcoin is making unexpected moves, there comes the new predictions about its future price and most of the speculations come true. The volatility is so great that we can’t estimate the next exact value but the current trends can urge us to think in which direction the price value is going.
Analysts are expecting a drop in BTC value
Crypt trader, as well as an analyst with the labeled name called filbfilb is expecting a drop in the value of digital gold. He said on Thursday “Looks like we need to go lower. Getting signs to flip short but waiting on candle closes.”
Another school of analysts is fixed on the stance that the average bitcoin price value until May 2020 will remain as $8,300.The same forecasting about BTC is adopted by the Stock-to-flow model for bitcoin.
Altcoins are also down
Altcoins are not performing well from the week and most of the cryptocurrencies are even in the bearish trends. Only some have managed to keep above the average level with their outstanding performance.
Ethereum, second-largest asset coin by market cap, is slightly bent with -1% in the past 24-hours. Similarly, Bitcoin Cash and Bitcoin SV are moving downward and the respective change in the past 24-hours is 3%.