Bitcoin’s price went up and up until it touched record high, but
it has started to decline.
According to BPI or Bitcoin Price Index, the Bitcoin price
dropped to 5800$. On Friday the price touched the highest of all time (so far)
6148$. This is more than 100 percent of what the prize was back in September,
2980$.
Whether it be the crackdown in China or other similar fears
of restriction, nothing has so far been able to stifle investors’ sentiments. There
is another hard fork to be announced soon in November, which will
surely create a new cryptocurrency, is actually boosting Bitcoin’s appeal.
The price action analysis also suggests that this whole up
trend might be a setup for a deep pullback.
It's significant that bitcoin has encouraged near 500 percent
since 2017. In light of the stellar additions, a pullback of more than 20
percent will qualify as sound redress and not a hold up under market as
generally accepted.
Post a Comment