Forex and Crypto News

Bitcoin can descend to $6,700

07:45 25 October /2019

After the losses Bitcoin was able to stabilize, however, the risks of its further weakening remain.

On Friday, the BTC is traded at $7,475 its volatility remains low for two days. But some traders forecast a more significant decrease in the price of Bitcoin.

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One of the supporters of this development is the investor, with the nick “Dave The Wave” on Twitter. Even when Bitcoin was trading above $13,000, this analyst said that a significant correction is inevitable, and soon we will see a weakening of the coin. Then many users of the social network ridiculed the trader, but now they began to listen to his opinion.

About two months ago, “Dave” said that BTC is likely to drop to $6,000. This will be a normal correction for digital currency. Now he believes that a decrease to this minimum level is an extremely pessimistic forecast.

The updated fundamental values ​​of the coin will hold around $6,700, and this will happen by mid-November. Slow descending of Bitcoin will be observed over the next three weeks.

After reaching the updated bottom, BTC will begin to consolidate, and then a new bull phase will start.

The fact that the Bitcoin hash rate broke a new record this week can be indirect evidence of preparations for the resumption of the rally. Miners have stepped up, as towards the end of the year the demand for a digital asset will begin to increase.

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