Bitcoin markets are braving the harsh markets despite struggling around the $6600 price point. This month has seen significant bearish prices movements as a number of announcements from authorities such as India have seen a curb on Bitcoin purchases.
As seen on graphs below, bitcoin markets have suffered considerably this month moving lower and lower from $10000 to just over $6600, at the time of writing. The US tax season has been blamed fro the slow month as many American consumers have had to sell in order to pay the huge tax bills racked up by profiting from the successful trading season this year which saw prices essentially hit a all time high.
Currently many analysts agree Bitcoin prices are volatile but the stable trading volumes supporting the $6k range are a positive indicator current damage is short term. While the fall in prices is unlikely to carry on in the long run, users are advised to sell in the short term as current market indicators suggest a drop to the $6200 range is possible.
For long term holders of Bitcoin, prices are set to rebound to the $7547 price point in line with historical trends and recent market performance. In line with Bitcoin, Litecoin markets are also set to improve over the next month. Having reached the bottom, analysts predict a successful bull run to occur within 2 weeks, so users are advised to diversify their cryptocoin portfolio by adding some Litecoin.
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