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Bitcoin Price Watch: Currency Suffers Slight Fall to $8,000

Bitcoin’s price has suffered a slight blunder. After spiking to nearly $ 8,400 over the weekend, the coin fell during today’s early morning hours to $ 7,900, but has since rebounded to about $ 8,000 at press time. It’s good news to know that while bitcoin failed to develop stronger resistance during its Sunday high, the drop wasn’t any worse.

Joining bitcoin with an exact-matching four percent drop in value is ether, which has fallen from approximately $ 537 to $ 503 at the time of writing. In addition, bitcoin cash, Ripple’s XRP and litecoin have all fallen by roughly three percent each.

Drops in the bitcoin price can largely be attributed to selling pressure. This can ultimately halt gains and give rise to temporary slumps, though most analysts believe the present fall is only in the short-term. Granted bitcoin can stay above $ 7,650, the worst days of bitcoin may be long gone, and recovery can occur almost immediately. A swift break above $ 8,100 could pave the way to $ 8,200, followed by another $ 300 rise to $ 8,500.

The next goal will be to break the $ 9,000 barrier, which experts claim isn’t too far off the mark given bitcoin stays above the mentioned price line.

Furthermore, several top financial figures remain bullish on bitcoin’s future. Dan Morehead, CEO of San Francisco’s Pantera Capital, believes that due to recent sell-offs, the price of bitcoin could spike beyond its $ 20,000 peak last December by the end of 2018.

“Today is a great day to get long,” Morehead wrote on Medium. “I rarely have such strong conviction on timing. A wall of institutional money will drive the markets much higher.”

News of upcoming bitcoin and cryptocurrency ventures amongst major players is also likely to assist the price in the long run. Barclays, for example, has announced that it will launch a cryptocurrency trading desk tailored for institutions and crypto hedge funds alike. Furthermore, Barclays signed Coinbase as a customer not too long ago, meaning the company has become the first British Bank to sign a major, U.S.-based digital currency exchange platform.

What is particularly interesting about this news is that Barclays’ researchers recently suffered from a case of the old gloom-and-doom when it came to bitcoin, claiming that the currency had reached its highest possible point last December and would never experience price hikes of that magnitude again. The release of its new trading desk and its partnership with Coinbase suggests that Barclays may be having second thoughts when it comes to the power of cryptocurrency – or at least that it recognizes enough present-day value to seek a temporary or short-term way inside.

In an interesting twist of fate, one expert is predicting big things for Ripple’s XRP over bitcoin. CEO of BKCM Brian Kelly explained in a recent interview that while bitcoin may be the primary cryptocurrency in today’s market, it is still in its “early days,” and thus vulnerable to mass volatility and related issues. He suggests that Ripple’s integration with banks and traditional financial institutions will ultimately help it to establish stronger legitimacy, and thus “convert” cryptocurrency “cynics” more than bitcoin ever could.

New Post has been published on https://masscryptocurrency.com/?p=2502

Bitcoin Price Watch: Currency is Staying Strong at $8,000

The bitcoin price has fallen by roughly $ 100, but this isn’t necessarily something to fear or a sign of another impending bear run. The currency has spiked by approximately $ 1,200 since mid-week, jumping from $ 6,900 to $ 8,100 in just under 48 hours, and a small drop in the records isn’t something to get one’s hat in a twist.

At press time, most analysts are unanimous in their thoughts that bitcoin and its crypto-cousins are in line for some “monster gains” in the coming weeks. Perhaps the biggest enthusiasm comes from tech billionaire Tim Draper, who recently stated that he believes bitcoin could reach a quarter of a million dollars by the year 2022.

“I’m thinking $ 250,000 a bitcoin by 2022,” he recently exclaimed to an enthusiastic crowd outside Draper University in California. “Believe it, it’s going to happen. You heard it here first. They’re going to think you’re crazy, but believe it. It’s happening. It’s going to be awesome.”

Rodrigo Marques – CEO of cryptocurrency investment platform Atlas Quantum – is also convinced bitcoin is about to strike very bullish territory. He suggests that the last few months of low prices have somehow been “preparation” for bitcoin and related altcoins to come back stronger.

Speaking with The Independent, Marques confidently stated:

“Bitcoin deflationary characteristics are an indication that in the long run, the market is bullish. We believe the price could be set to go up and has the potential to reach December 2017 levels again.”

Others are even more excited, claiming bitcoin won’t require excessive periods of time to reach allotted goals. As the CEO of fintech firm Smart Valor, Olga Feldmeier suggests that bitcoin could reach last year’s highs within the next eight months, and believes that one bitcoin could be worth as much as $ 100,000 by the year 2020.

One reason for the sudden price surge is that bitcoin trading may have greatly increased on April 12 and 13. One source suggests the “biggest hour of trading in bitcoin’s entire history” took place, with nearly $ 300 million moving through exchange platforms in less than one hour. That’s a total of roughly 38,500 coins.

Head of fintech startup Revolut Ed Cooper explains, “In this scenario, traders with short positions started to lose money and liquidate their positions by buying bitcoin. This caused the price to rise further, and as more people started to notice the rise, they bought in for a quick gain. This continues the cycle.”

He further states that enthusiasts and traders shouldn’t get too amped up just yet, and that even though bitcoin may be moving in a positive direction for the time being, investors should think beyond the “short term.”

“We’d need to see a sustained rise over a number of weeks to signal the end of the bear market,” he mentions. “We’re definitely not there yet.”

Bitcoin was not alone in its newfound bull behavior. The currency was joined by fellow altcoins ether and XRP, which experienced impressive gains of roughly 13 percent each in just a matter of hours. Bitcoin cash is trading at nearly $ 750 at press time, while litecoin has expanded by just over $ 3.

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