Bitcoin prices may have been volatile over the past month but for the long term holder, this week was a good one with prices peaking at $744 on the 3rd of November. Prices may have fallen as of today the 3rd to sub $700 as markets look to consolidate the gains made throughout the week. Here we will analyse current market conditions to help you decide whether to purchase Bitcoin!
As seen below in the graph the past 7 days provided a brief relief from stagnating market conditions. However without enough volume to sustain prices over $700 it was only a matter of time before the bubble burst.
To conclude I would give the Bitcoin a buy signal as currently there is plenty of room for growth considering current volumes remain at healthy levels on a number of exchanges. While the prices are currently falling as markets follow a correction pattern, it is anticipated that the floor will be seen at around $680 where prices were stable even before the brief bullish run which inflated them. At the current rate prices will flat line in around 48 hours where opportunities to buy will be a plenty. A long term forecast still suggests the Bitcoin is profitable and even on a monthly forecast analysts are recommending targets of $696 as markets look to solidify a position at $700 eventually.
You can purchase Bitcoin via Nigeria’s leading Bitcoin exchange NairaEX, at market premium rates, and have it delivered within a couple of hours !
Disclaimer: BTC.ng or the Author may not be held liable for any financial losses incurred following the article’s information. The Authors views are not representative of the sites.