Over the past few months, the value of Bitcoin has been extremely dynamic, rising and falling over very short timeframes. Based on the latest figures, these are the top Bitcoin scenarios that are possible right now.
Bullish trends occur when price levels are rising. While the value of Bitcoin has dropped over the past few days, this fall has not been significant. Equally, the volumes of trades are remaining average rather than increasing significantly, suggesting that there is no market evidence for an uptrend in prices any time soon. However, considering that certain high-level officials in Nigeria are now choosing to be paid in Bitcoin rather than national currency, it could suggest that Bitcoin’s future is looking up.
Bearish trends are said to describe a stock or currency when it is falling. The bottom for the market at the moment is around $5,800, but it is unlikely that we will see the value of the coin fall to that level due to the numbers of positive rallying responses we have seen when the price has tried to drop. However, a true bearish scenario would see the price in the market fall to around $4,000; it is likely, however, that any fall of that level would quickly be acted upon by buyers, stabilising the market, suggesting that the market, at the moment, is likely not to be bullish or bearish, instead remaining fairly neutral.
Over the past few days, we have seen Bitcoin remaining fairly neutral, at around the $6,290 line. Taking this to be the new base level, it's very possible that this support line will represent the new market line of bitcoin, with confidence in the market keeping it falling below this, but without the extra confidence which will allow it to increase dramatically just yet.
Ultimately, the scenarios for Bitcoin have tended to oscillate wildly, and while the market suggests a neutral scenario, this could change at a moment’s notice.