As 2017 is coming to an end, the price action of Bitcoin for this week is moving from high of $16,800 towards the low of $11,300. The bitcoin is gaining traction on a global scale with the current market-cap of 246 billion from all time high being 340 billion as of Dec 19th.
There are discussions on various reddit communities and youtube channels for Bitcoin reaching as low as $8,000 as other coins gains traction. Weather or not if it hits this weekend of next , if this happens then this can be a golden opportunity to buy. However this 8k number is unlikely however everything is possible with respect to price action in the crypto market.
We have seen Bitcoin emerging as all time winner in the long term hence betting against it may not be a wiser option irrespective of what the Bitcoin alternate coins such a Bitcoin cash, Bitcoin Dimond, Bitcoin Gold and other forked teams talk about. However with the introduction of Bitcoin cash by coinbase, may help to see good price action on Bcash as many newcomers will end buying not knowing the difference between Bitcoin and bitcoin cash. The long term of this is not known however with the future forks these alternate coins like Bcash with the market cap of 40 billion will possibly take a hit over time on a long term.
Bitcoin has been wavering between 14k to 16k for a while, now moving towards 11k as of today. We have seen Ripple talking the second place taking over Ethereum in the past 2 days. This may have impacted to some level on the price actions. With Bitcoin futures trading at CME group, wall street investors are having a ride for the past couple of weeks as well.
The above is screenshot ]from coinmarketcap which show how the market of Bitcoin has increased in past one month. We also have seen Ethereum with the market cap of $68 billion has doubled in the past month alone.
At this point, the Bitcoin appears to have the characteristics of the bear market. However based on the prior observation of similar trend it can either be a upswing or downswing once it breaks the 50 day. So there can be a opportunity to buy if it goes lower or enjoy the ride if it rises and moves towards $25,000 if it breaks the $20,000 mark.
Disclaimer : This is not an investment advice. Please do your own research when investing.
