Expert Predict: BTC Price will recover in the Coming MonthsSeptember 30, 2018
The most popular cryptocurrency, Bitcoin (BTC) experienced four significant corrections over the past nine years that led to the dropped of its value by over 80%. These significant corrections led to a 69% decline in the amount of BTC. The four necessary revisions have happened in 2010, 20122, 2014 and 2018, wherein BTC verified 70 to 80% losses against the US Dollar. While other digital currencies like EOS and Binance Coin experienced smaller losses.
According to researchers at Chainalysis, the market of Bitcoin has full-grown in the past nine years. This is in spite of the massive drop in the value of BTC, a lot of traders and investors held on their investments, playing down modifications in their stand even during the time of tremendous volatility and indecision.
Ever since August 6, BTC market maturity has been evident in the solidity of the said digital currency. BTC has kept stable over the past few months with a price range of USD6,300 to USD6,800, getting away from its USD6,800 resistance level, whereas other digital currencies including EThreum and Ripple shown high volatility.
Due to the boost in the stability of this digital currency, it enabled the market to become less receptive to specific events and publicity. The development of Bakkt by Microsoft as well as ICE to enhance the liquidity and accessibility of BTC are two of the most important occurrence in the sector of digital currency. This affected the temporary price trend of BTC.
Mike Novogratz, a billionaire investor, Erik Voorhees, CEO of ShapeShift, Balaji Srinivasan CTO of Coinbase and Ben Horowitz, venture capitalist, all believe that the digital currency market will pull through in the coming months.
Several digital currencies like Stellar, XRP and Cardano, have shown the same volatility, with ten o 30 percent gains in just a short span of time. BTC is the most dominant digital currency has been relatively predictable. In February, BTC has experienced an outline of getting a new high and decline to a yearly low the following month.
In countries like Japan and South Korea, the demand and interest toward digital currencies augmented to an extent at which crypto exchanges no longer had stocks of coins to offer to their clients, which result in the coming out of premiums. Various institutions are interested in spending in the digital currency market as well.
In a study conducted by professor JP Vergne, he revealed that the activity of the developer is the most precise indicator in the trends of the digital currency exchange rate.