Bitcoin ended the last quarter on a bearish note. The cryptocurrency market’s continuing downtrend caused the price to slip by around 17% which brought it down below critical support levels.
Bitcoin Swinging Between $8497 – $8126 Range in Q4
King crypto is currently trading at $8136, down 0.61% in the last 24 hours.
It had almost touched the $8500 mark on Oct 1, after having slipped below $8k in the previous week. However, it reached $8,497.69 and then embarked on a downtrend again. On Oct 3, it trying to push towards $8500 again, but stopped at $8414 before plummeting below $8200.
Q3 BTC Price Movement
BTC began Q3 on a quite a bullish note. The remains of the bull trend that began towards the end of Q2 flung bitcoin near the $14k mark. Opening Q3 at $10,818 BTC quickly raced up the charts and was seen at $13,000 on the 10th day of July. However, BTC recorded losses the next few days as it sank below $10k on July 17th for the first time since the beginning of its short bull run. The popular crypto traded sideways for a couple of more weeks, perambulating around the $10k mark.
Four days into the beginning of August, BTC spiked up by almost 10% and its price touched $11k again. Restoring hope to the tumbling markets, the first week of August ended on a bullish note and bitcoin was trading near $12k as on the 10th day of the month. The next day marked the beginning of the end of the bull frenzy. Bitcoin price continuously plunged in September.
Already trading slightly below $10k, the price of BTC was maintained with a range of $9700 and $10,300 for the most time in September. However, towards the beginning of the last week of the month, BTC price bowed to selling pressure, a situation that initiated the first major bearish movement in Q3. BTC lost market dominance as major alts like ETH gained market share.
Community Reactions To Bitcoin Price In Q3
For a while, there were hypothesis that bitcoin would reach for the moon owing to the launching of Bakkt, a digital asset platform that renders physical delivery of bitcoin futures.
Bakkt in 4 days 👀
— Mia Tam (@_blockandchain_) September 19, 2019
However, this assumption was negated by other community members who seemed to believe the opposite would most likely be the case. And Bakkt, indeed, saw experienced a rather dismal performance in its first week, selling only 71 contracts in the first 24 hours after its launch.
Some crypto analysts and influencers are still very bullish on bitcoin price. According to McAfee, bitcoin is still headed for $1 million dollars by the end of 2020.
Ignore this drop in Bitcoin's price. I am firmly with Peter Brandt in his medium term $50k price prediction. I am also firm on my $1 mil price by the end of 2020. Stop wringing your hands! Watch GOT reruns, or woo your spouse or finish off your drug stash. All is well. pic.twitter.com/gMFdLaVkQc
— John McAfee (@officialmcafee) September 30, 2019
Crypto Analyst Peter Brandt is of the view that Bitcoin will bottom to $5500 in February 2020, and then shoot up towards the$50k mark.
How do you think will Bitcoin perform in Q4 2019? Will it repeat the bull run of Q4 2017 or will it stagnate around its current price and possibly fall further? Share your views with us in the comments below.
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Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.
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