A millionaire bitcoin trader, Zoran Kole says that the bottom for the world’s largest cryptocurrency is not in yet.
Zoran Kole says that BTC bottom is not in yet, though the price of the coin has dropped down by 5% during the last night.
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The millionaire bitcoin trader also said that though the price of the coin has not gone toward its bottom, a further pullback in the price of the token is expected.
BTC again goes below $9k
The price of the coin has again decreased down below the mark of $9K. The value of Bitcoin went down on 8th Nov moving from $9100 to the point of $8600.
The strong support level of Bitcoin at $9200 was weakened and as a result, the world’s leading digital currency started to fell down.
Keeping in view this BTC drop, the crypto analysts are predicting a short term bearish trend for the leading crypto asset in the upcoming days. Analysts also say that this drop will also affect some other cryptocurrencies such as ETH and XRP.
Analyst are looking for factors that may start BTC Rally
As the price of the coin has gone below the $9k and now the crypto analysts are looking for some factors that can lift up the price value of the token and may help the coin to recover from the recent price loss.
In an interview with Bloomberg, executive of TD Ameritrade JJ Kinahan said:
It’s had a decent move to the downside today, but to me, it’s going to remain range-bound for a while. I don’t know what the stimulus would be to take us outside of that range. It’s similar, to me, to what we see in the market overall.
Bakkt is only a minor factor for BTC Rally
Bakkt program is a bitcoin futures market that is operated by ICE (NYSSE parent company). Bakkt is affecting bitcoin as there has been a constant increase in the daily volume of the bakkt.
Bakkt said on 8th Nov that the company has managed to set a new high record of its daily volume during the bitcoin price drop. The company said:
Today we set a new daily record of 1,756 Bakkt Bitcoin Futures contracts traded.
Though Bakkt is influencing bitcoin positively, this minor factor is not enough for bitcoin to start a bullish rally. Bitcoin needs something more than bakkt.