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Price Analysis

Bitcoin Price Analysis: BTC Had A Bad Day And Might Have Affected Other Altcoins As Well

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After trading in the bullish range for quite some time, BTC is gain back to the bearish platform and is declining sharply at a faster rate. This is indeed alarming for all other altcoins. The biggest issue is that all other altcoins had already lost much of their values to BTC in last few months due to the intense, volatile condition of the crypto market and the erratic and turbulent nature of Bitcoin. As BTC was trading in the bull trend, it gave a light of hope that within some days, if this bull trend continues to run, then happy days may linger on other altcoins as well. But Bitcoin is so unpredictable that it can at once shatter the positive hopes of investors around the world.

Current statistics of Bitcoin:

  • Bitcoin Price: 11449.45 USD (UTC time 06:45)
  • Circulating supply: 17,811,087 BTC
  • Market Cap: 205,291,132,581 USD
  • 7 Day High / Low: 13,129.53 USD / 10,874.96 USD

Bitcoin Price analysis and future price predictions:

Bitcoin Price Prediction
Bitcoin Price Chart by TradingView

On the basis of the above 1-day chart of BTC, it is seen that within one day only, BTC had declined really sharply. Yesterday only, it was getting traded at 13189.59 USD, but today, it had got traded to a value as low as 11260.82 USD. Shift in the prices considering these two price points and only 1-day time period has been great enough. This is indeed giving a notion that in the upcoming days, this volatility may continue which will be enough to slash the potential of other altcoins too. The momentum of BTC is falling towards the bearish trend only. Within one day only, BTC’s value had fallen by 13.19%. One can well imagine the level of turbulent nature of BTC with this percentage. Accordingly, we think that in the upcoming days, BTC may trade around 12,300 USD.

Conclusion:

In the concluding note, it can be said that investors should not consider investing in BTC currently as it is highly erratic and may incur severe losses to the investors. The market is still highly unstable; it is expected that the turbulent nature of BTC will be intact in the upcoming days as well.

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Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.
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