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
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