Bitcoin prices took a beating this month, falling to lows of $5900 across the board. With mixed news coming in from Europe some remained concerned about the viability of crypto in real world applications.
As seen on graphs above, bitcoin prices have plummeted to their lowest levels this year.
Despite the current market conditions many analysts have reported that the only way is up from now. Hitting strong support levels at the $5900 mark, trading volumes increased by over $5 billion over a period of 48 hours signaling considerable confidence in the future of bitcoin. Despite the low having already passed, there is still ample time for bitcoin purchases. Cheap coins should be snapped up especially for short term traders as the recent price slip is set to be corrected well within the next 2 weeks. Therefore current targets for bitcoin markets remain optimist predicting a $7 retest to occur within this week.
“Absolutely [BTC can reach $50,000 by 2018]. I think something [bitcoin] that goes up to $20,000 in one year can have a correction down to $6,000. I think we can find a bottom in the $3,000 to $5,000 range, but we are one positive regulatory decision away, maybe an ETF approved by the SEC, to climbing through $20,000 and even to $50,000 by the end of 2018,”
– BitMEX CEO Arthur Hayes
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Disclaimer : This article is not meant to supersede trading advice. BTC.ng or the author can not be held liable for any loss arising for customers. Losses can exceed deposits, please trade responsibly !