BITCOIN WILL KEEP FALLING | WHEN WILL BITCOIN GO UP | HOW FAR WILL BITCOIN FALL | BITCOIN ANALYSIS
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The bulky falls of bitcoin and the so-called 'altcoins', the alternative digital currencies to the queen of cryptocurrencies this Friday, which have taken the price of the cryptoactive to $38,500, five-month lows, leave a marked air of uncertainty in the market. Investors are wondering if now is a good time to jump in or if the correction will continue to at least $30,000.
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Bitcoin plummets to five-month lows in full wave of sales in the 'cryptos'
“Pessimism continues to grow among investors and traders when it comes to riskier assets and this is mainly influencing the price of equities and bitcoin,” says Naeem Aslam, head of research at Avatrade. And with conditions worsening for Wall Street tech stocks, “the deep correlation with the stock market only indicates less usefulness (for bitcoin) as an investment class,” adds Markets.com analyst Neil Wilson. .
From a technical analysis point of view, the price of bitcoin has breached the key support level of $40,000, which has already been tested a few times before. Now all eyes are on the next two important price levels: $35,000 and the $30,000 capital mark. “Bitcoin price is very likely to visit this price which will make the current sentiment even worse, but the smart money will know it is the deal of a lifetime
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