Bitcoin Price Analysis: BTC Had A Bad Day And Might Have Affected Other Altcoins As Well
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:
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, as per our Bitcoin future price, we think that BTC may trade around 12,300 USD in the upcoming days.
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.
