Market Analysis

Predictions for Bitcoin’s bullish movement this year

Predictions for Bitcoin’s bullish movement this year
Oct 7, 2018 by Rico Wise

Over the past month, the most dominant digital currency has dropped four times, with every next price decrease stabilizing at a higher level than the preceding decrease.

First decrease took place on September 9, when the value declined to 6,100 USD, and a week later, on September 16, subsequent to a correction that took place after the decrease, the value decreased again, but this time trading at 6,250 USD, which is evidently higher than the preceding drop.

Then, on the 26th day of September, the value decline for the third time, dropping to 6,400 USD, and, finally, the fourth drop took place on October 4, when the currency fell down in price only to the higher 6,400 USD levels.

Taking into account the fact that the support level of 6,000 USD has solidified for Bitcoin, and the area of 6,550 USD proves to be a good environment for the development of currency’s momentum, there is a high possibility that BTC will keep on recovering systematically in the course of October.

Price spikes from to areas, such as 7,000 or even 8,000 US dollars are unlikely in the short term, considering the decrease in the trading volume of the currency. Indeed, the exponential growth of value will not be this autumn’s scenario, as the dominant digital currency has experienced a volume drop from 4 to 3.2 billion dollars, as per CoinMarketCap.

Generally, if Bitcoin is expected to make a comeback, that comeback will happen only gradually, although overall the predictions are quite optimistic.

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