Crash To 11,200 Will Be Followed By More Decline – Bitcoin Analysts
Bitcoin, a highly volatile currency, suffered a decline last Saturday as it posted a "flash crash" in mere minutes to go from a value of $12,300 to $11,600. Coin Telegraph reported that bitcoin still managed to post a 1.5% rise by the end of the trading day, with $11,813 left in value as the markets closed.
A look at its weekly trading chart revealed that bitcoin's rise has been averaged at around 24.33%. This won't be enough according to analysts. News BTC reported that the flash crash-a sudden but unsurprising one that is the latest in the past few weeks-showed that traders should expect more "flash crashes" in the coming weeks.
Bitcoin has shown some form of stability amid all the crashes it had been experiencing. It played around the ranges of $11,100 and $11,450. Other altcoins have shown surges for the first time the past few days as well.
Other crypto assets showed slight gains, with Ether (ETH) holding its position as the "largest altcoin" measured by market cap. It currently sits at $24.5 billion value. XRP, the second-largest of the altcoins, holds a value of $13.6 billion.
These altcoins have also shown a bit of decline with ETH having its value lowered by about 0.86% during the last 24 hours. As of this writing, ether has posted a value of $231. The coin has been busy the past week, regaining about 10% of its original value.
The stability and minor resurgence of these altcoins haven't done anything to improve the bearish outlook on bitcoin. The sudden drop-as quick as it had been-was not followed by a sudden surge. Bitcoin remained trapped under different declines, and most of them had been trending on the low.
Top investors and analysts such as Adaptive Capital's Murad Mahmudov have been predicting a series of downturns for the cryptocurrency. For his part, he said he is expecting a "dip" to happen in the next few days. He did have a positive outlook, though, in saying that this won't be as severe as some people would expect.
The Adaptive Capital's chief investment officer is convinced that bitcoin will likely hover above $10,900 than fall below $10,000. As for investors, he advised that a lower move shouldn't stop them accumulating coins, as long as ranges stay at $10,000.
Given how volatile bitcoin has been, it's highly likely that bitcoin may however at the $11,000-$10,000 range. It should still be profitable for investors to hold on to their stashes before trading them in.