The price of Bitcoin fallen Monday below $5,000 (EUR 4,366) for the first time since October 2017 as a broad sell-off drawn together steam on the turbid cryptocurrency market. And also the sell-off of cryptocurrencies continues at full speed. After the collapse of November 14th, came the bankrupt of November 19th and November 20th is no better. Even Ripple, XRP/USD, which was initially more durable, is weltering down. The cryptocurrency is currently dealing/trading at its lowest level since October 2017, though analysts are facing problems to explain why this is happened.
Billions of dollars have been defaced the value of bitcoin from last Wednesday and with no indication of the market turning around. Other major cryptocurrencies to experience serious losses include Ethereum, Ripple and Bitcoin cash.
TECHNICAL ANALYSIS : -
- Bitcoin: - According to the CoinMarketCap price index, from the last 24 hours bitcoin has ruined a further 10 % of its value , and threatens to fall below $5,000. Discussion neighboring why the cryptocurrency market has been stroked with such heavy losses in recent time has focused on the 'hard fork' of bitcoin cash that occupied the place on Thursday, whereby the cryptocurrency effectively devide in two to create a brand new cryptocurrency.
- Ethereum: - Ethereum lost the $130 handle and continues to fall down. And this is really a shocking picture for all cryptoowner. The sell-off ccreate the continuous falling down of this cryptocurrencies.
London-based cryptocurrency broker GlobalBlock gave a statement in its weekly cryptocurrency update that "The next week is going to be important for crypto and more specifically bitcoin as some analysts feel that there is still more pain to come,"
"However, many already in the space are still looking to (hold onto their assets) and feel that an upswing will be imminent and that sellers will exhaust themselves."
PREDICTIONS: -
FXStreet Crypto expert Tomas Salles wrote before the downfall -
" The second downward target is at the price level of $4,450 (price congestion support). This congestion zone began to form in August 2017 and extended its influence until the end of September. Below this price level, the BTC/USD would not find a new strong support level up to $3,676.76 (price congestion support)."
The huge damages experienced by bitcoin and other cryptocurrencies in 2018 have wielded many advocates to reconsider their bullish predictions for the year ahead, however many stay hopeful of a market turnaround before the end of the year.
Bill Richards, UK managing director of Indeed, said to The Independent, "The spectacular rise in the value of bitcoin wasn't only good news for investors and speculators, it also led to a boom in the blockchain industry with vacancies and jobseeker interest soaring to record highs,"
According to my opinion or predict, in future the values of digital coins like Bitcoin will increase with technical analysis for wide selection. If you are searching for virtual currencies with a good return(profit), BTC can be a profitable investment option in this moment. Bitcoin price equal to 4476.830 USD at 2018-11-21. If you buy Bitcoin for 100 dollars in this moment, you will get a total of around 0.0223 BTC. Based on my prediction, a long-term increase is expected, the price forecast for 2023-11-16 will around 7772.230 US Dollars. And with a 5-year investment, the income will expect to be around +73.61%.
What about your opinion my lovely steemians? If you agree with me then please support me and if you not then comment your valuable points on comment box.
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