October 04, 2018 218659By Robert Johnson
“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.”He continued:
“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