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Bitcoin (BTC) would like to be dropped to current levels of $ 3,700 and would like to be crypto trader and enthusiast earlier this year. But the reality remains that we are going to be said below.
Current Values Had been Predicted Loosely
Heading into Thanksgiving, there was the bullish side of the argument that had postulated that the discounted values of all cryptocurrencies will lead to a bounce and have BTC at levels above $ 4,700. This theory had been based on the fact that the Hash Wars were over. There was another camp that was calling for $ 3,000.
Earlier Predictions of the Bear Market
Veteran Bitcoin and digital analyst Willy Woo, uses the NVT signal to analyze the future of BTC. The NVT ratio that was co-created by Dmitry Kalichki and Woo, is simply the Network
In an October 26th tweet, Willy Woo had used this ratio to conclude that we were in the middle of a bear market. Bitcoin falling before declaring a bottom. For the time being April and May 2019.
Bitcoin Cash Hash Wars Has Accelerated The Process of Reaching at Bottom
Bitcoin Cash Hash Wars that saw BTC fall from $ 6,300 levels only two weeks ago to current $ 3,700 values. This event has indeed accelerated the process of reaching the bear market that had been predicted for mid-2019.
No Trading During the Thanksgiving Weekend
This weekend also played a part in the declining value of BTC. Thanksgiving is a marker to kick-start during the Holiday Season. After Thanksgiving, individuals take out their money to buy discounted items on Black Friday and Cyber Monday. There is also the pending Christmas period and the New Year where spending and traveling is the norm.
It is therefore not surprising that the volume was this weekend. Traders might have simply been cashed out and thus contributed to the decline of BTC.
What Next?
With many crypto traders, or the future course of action in the crypto markets.
CME Bitcoin Futures that expire this Friday, the 30th of November. BTC drops a few percentage points What is normally the case when these contracts expire? However, one can argue that BTC has fallen too hard for the expiring futures.
In conclusion2019 but the emergence of the unexpected Hash Wars probably accelerated the process of reaching a bottom for BTC. The current levels had been predicted loosely but for the next year. Baker launches on the 24th of January. Therefore, being cautious in the crypto markets moving forward might not be a bad idea.
What are your thoughts on the current levels of Bitcoin? Please let us know in the comment section below.
Disclaimer: This article is not meant to give financial advice. Any other opinion is in the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.
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