Investors Make Some Quick Profit from the Sudden Good Fortune from the BitcoinOctober 29, 2019
China induced surge might continue in the cryptocurrency market if the trends oppose the death cross on the trend charts. There was a price turmoil in the past week, but despite that, Bitcoin succeeded in avoiding the death cross. The death cross is a market pattern that occurs when the 50-days moving average falls below the 200-day moving average.
Nigel Green, chief executive at deVere Group, opines that Bitcoin will experience gains to hit $12,000 before the end of 2019 eventually. However, this is provided; it can stay above the critical support level at $8,500 in the current week.
After a prolonged sleeping phase, Bitcoin has registered impressive gains. The $8,500 price mark functioned as a crucial support factor for the Bitcoin. If the Bitcoin enthusiasts and investors manage to sustain the price above this mark in the forthcoming week, there will be a breakout.
Brexit and other kinds of geopolitical tensions will move investors towards Bitcoin and different types of cryptocurrencies. Probably, due to the uncertainty that will set in the traditional markets.
There has been a lot of profit-taking from Bitcoin today, and the overall sentiment has been positive. The Reserve Bank of India has given three months to banks requiring them to stop offering their services to businesses and individuals dealing in cryptocurrencies. However, despite the ban, the value for the Bitcoin does not seem to fade away. The Bitcoin has exploded.
Several investors are looking to make some quick profit from the sudden good fortune from the Bitcoin. However, there is not a clear cut ideal so far as to what led to the Bitcoin price hike, set aside the story of President Xi influencing the market.
The rumors about China coming forward with its cryptocurrency is already prevalent and doing the rounds.
However, the Lebanese bank issue projects an entirely different picture, and it expects the limitations of Bitcoin. An anonymous Bitcoin trader from Lebanon having trouble acquiring Bitcoin told that most of the Bitcoin Exchanges are not serving Lebanese users. Sanctions on the Lebanese banks concerning Hezbollah, a paramilitary group has caused several crypto companies worried about having to deal with Lebanese banks. This situation is kind of similar to Iran, according to sources.
“People and communities suffer [from sanctions] while the elite find alternatives and business continues as usual.”
Prospective Bitcoin investors face such complicated situations. There is rampant inflation in Lebanese currency.