Yesterday the price of Bitcoin was $6571, today it has fallen by 2% and at the time of writing is $6552. While this cannot be considered a significant decline, the fact that the price fell below the support line could be interpreted as an imminent sign of a collapse in the value of the cryptocurrency.
Like most cryptocurrencies, BTC is unpredictably volatile and often experiences sharp price swings. Cryptocurrency expert Nikola Lazic has predicted an imminent bearish breakout, which could mean the price of Bitcoin is on the verge of a sharp decline.
I expect the price to fall further as the horizontal support line has already been broken. If the price falls below the latest support line, we can definitely expect it to fall even lower, to $5,767.
The expert added: “The fact that Bitcoin is still holding its own is good news. I think that by the end of the year, some developments and collaborations could reverse this trend and push its price higher.”
The UK government is still refusing to legalize the decentralized asset, and some senior officials continue to warn about the risks associated with it. Nicky Morgan, chairman of the Treasury Committee, for example, called Bitcoin a game of chance.
Ms Morgan compared the cryptocurrency market to the “Wild West.” She said:
Bitcoin and other crypto assets are in a space that feels like the Wild West. Given the high volatility of prices, the vulnerability of exchangers to hacking, and the potential risks of money laundering, the Treasury Committee strongly believes in the need for regulation.
According to https://www.express.co.uk
You May Also Like
Cryptoprophets 2018: Which of them hit the sky with a finger
The community has been discussing the potential of cryptocurrencies since the technology's inception in 2009. Among financial market gurus there are both supporters and opponents of digital assets. Both sides periodically make predictions regarding the fate of Bitcoin, heating up the emotional atmosphere.
The future of Bitcoin Cash is apocalyptic
Initially, in the first weeks of November, the price of Bitcoin Cash (BCH) rose. Investors have begun to accumulate the asset ahead of the upcoming fork and network split, during which holders of the main asset will also receive a new cryptocurrency, BSV. Why did the price drop by 81%?
