Yesterday, the price of Bitcoin dropped below the $6,500 mark as it fell below a key price point. According to this crypto expert, this is a sign that there is a looming drop round the corner for the crypto… Despite only a small drop, the price of Bitcoin fell below a crucial price point which is known as a ‘horizontal support’ which could very well be a sign that a significant drop is going to happen. Nikola Lazic, the aforementioned crypto expert in question has predicted the breakout which means that the price could be ready for a massive downwards slide.
“I am expecting a breakout from the downside because the horizontal support has already been broken today, the red triangle’s support has been broken in the past when the price found support on the symmetrical triangle uptrend line which was respected in the past.”
“If that last support gets broken then we are definitely seeing a lower low which would be below $5767 (£4,458).”
A key indicator of this is the extent of Bitcoin’s price range which has hit its lowest mark in over 20 months. The future of Bitcoin is uncertain and could go in either an upwards or downwards direction. It has been a rough year for the world’s leading cryptocurrency and the price keeps on changing every day. When you compare how Bitcoin did last year in 2017, then you can see a massive difference in performance for the crypto. In December last year, the price of Bitcoin was more than double reaching a high of over $15,000 for every coin. Then it sunk by 45% but rebounded back up to $11,000. A member of the European Central Bank's executive board, Yves Mersch has commented on the matter saying:
“At these speeds, if you bought a bunch of tulips with bitcoin they may well have wilted by the time the transaction was confirmed.”
However, other experts such as Tom Lee from Fundstrat believes that the digital currency could end the year on a high.
“The fact bitcoin is holding here is very good news. I think there are catalysts in the year-end so I think despite the lower highs we’ve seen I think we’re starting to reverse.”
What are your thoughts? Do you believe that a Bitcoin drop is looming right around the corner? Let us know what you think down in the comments below! References: Express