Both Bullish and Bearish Predictions are made for Bitcoin

Steven Anderson By Steven Anderson October 3, 2019 Off
Bitcoin

The cryptocurrency market is alternating between green and red price trends. Price recoveries are not too sustainable.  The tokens are slipping back to the red territory. Investors are facing trouble and are not able to make a stable decision.

Investors are most concerned about knowing how the price of the Bitcoin is going to trend in the forthcoming days.  The price of the Bitcoin declined by 15% in just a week, and the token managed to recover in a week.

Both bullish and bearish predictions are made for Bitcoin.  The pullback is welcomed by those who are looking at the asset with long-term conviction.  Part of the reason for the decline is attributed to the lackluster launch of Bakkt.

It was recently published thus:  “Many people seem to be disappointed in [Bakkt’s] launch, but we believe a slow and steady increase in volume is much more likely as institutions, and sophisticated investors become comfortable with the new product.”

It is expected that the Fear of Missing out will set in when everyone are spending their holidays with their family and friends for Christmas, Thanks Giving and more.

There is no reliable prediction that the lower price trends of Bitcoin are over.  There is a potential for an upward price rise.  However, there is no guarantee for the price of the Bitcoin to not go lower.

One of the German banks has predicted that the price of the Bitcoin will go as high as $90,000 by 2020. An average of 40,000 and odd tweets are made about Bitcoin every day, and a lot of discussions are going on about the travel of the Bitcoin towards the million.

Recently in a Russian Lab, a nuclear scientist was caught mining cryptocurrency.  The scientists used supercomputers, which had the processing power of one petaflop. They were using special kinds of software to avoid being caught on their Bitcoin mining operations.

The lawyer stated, “They regret what they did, but I think they went for it out of professional interest, not for profit.”

However, this is not the first time that supercomputers are being hacked for Bitcoin mining. However, the scientists were arrested for having connected the secret computer network to the internet.

Venezuela is working forward in its dream of becoming the cryptocurrency nation; however, the state-backed petro is criticized for not being a real cryptocurrency.  However, the Central Bank holds some serious reserves of Bitcoin and Ethereum about which the government maintains its silence.

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