After climbing the market for a few consecutive weeks, Bitcoin has finally started to decline. Earlier it started a fake out, but ended up declining back into the channel before the day was over. Bottom line – Bitcoin has declined, losing more than 8% overnight. The cryptocurrency fell down to $9,904.60 around 9am EDT, in comparison to previous intra-day high of $10,824.49, according to CoinDesk.
Whilst many started mining and later on, when the hashing got even harder – directly investing in crypto, now the coin has seen many of its investors cashing out either in altcoins, or in fiat currencies. Although no cryptocurrency is not a secure investment, hence the market is not a regulated one, investors must have been prepared to lose their assets at any given time, regardless of the momentum the coin has gained over the past months.
“Sentiment has drifted lower as a sustained push higher has been halted, while alt-coin sentiment has been low for several weeks now as alt prices continue to decline.”, explained John Todaro, director of digital currency research for TradeBlock.
Experts predict that Bitcoin is not likely to surpass all-time high of $20,000 anytime soon.
Latest data from “Skew” – a well-known Twitter coin analyst, suggests the odds are lengthening for investors betting on Bitcoin prices to break a record this year.
“October should be the most interesting month for bitcoin with two ETF applications under review by the SEC”, the United States Securities and Exchange Commission (SEC) comments.
Forecasts are pessimistic. There is a 31% chance of Bitcoin htting the $15K mark by Dec 28, provided by LedgerX’s Oracle, but that’s about it.