Currently, trading at $6,400, Bitcoin jumped to $6,500 at one point. With $6,000 as the key support level, the volatility has taken a dump that means a big move is coming for bitcoin. Meanwhile, experts share their bullish sentiments.
Huge Possibilities Ahead
At the time of writing, Bitcoin has been trading at $6,409 with 1.17 percent 24-hours gains. Its daily trading volume also takes a hike at $4.27 billion as BTC jumps from $6,315 to $6,530 at one point before dropping to $6,400 level.
Technically, Bitcoin has been forming descending triangle since about March this year. Though descending triangles are bearish in nature, a probability of an upward breakdown is equally possible. For now, $6,000 is the crucial support level.
Moreover, Bitcoin volatility has already taken a serious drop that only confirms a major move can soon enter the market. However, BitMEX CEO Arthur Hayes told Yahoo Finance UK:
“My view is the volatility environment that exists right now could persist for another 12 to 18 months, the flatness. I’m just basing it off my previous experience. I started in bitcoin in 2013 when the price went from $250 to $1,300 and then 2014 to 2015 was sort of the nuclear bear market. Price crashed, volume crashed — very, very difficult to make money.”
He further added, “We think trading volumes could fall further from where they are now.” But “We think we’re well positioned to weather the low volatility.”
Matt Newton of eToro is also bullish on upcoming events as he has been recently quoted as saying,
“The market is showing no real strength on either the upside of the downside, as bitcoin finds itself unable to break the $7,000 barrier. The market is looking for a catalyst to make its decisive move, which may well be imminent. ICE’s platform launch, announced in September, has the potential to send bitcoin’s price soaring. This physically-backed settlement could be the next piece of the institutional investment puzzle to send the price upwards.”
Not long ago, Nigel Green, founder and CEO of independent financial consultancy firm deVere Group shared that Bitcoin market will “grow beyond recognition” as “The pace of mass adoption will speed up and the cryptocurrency market cap can reasonably be assumed to reach at least 5000 percent above its current valuation over the next decade.”
Meanwhile, in its recent report, Morgan Stanley reported that institutional investors are getting involved in bitcoin and other cryptos at an increasing rate while retail investors remain stagnant.
I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.