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Tuesday, 23 April 02:01 (GMT -05:00)

Foreign exchange market

Experts on Cryptocurrency Market Prospects

Over the last few years, Bitcoin has dropped in value considerably. International experts are trying to figure out how the market situation may change in the near future. 
On October 2018, Bitcoin used to trade around 6530 dollars per coin. Now the exchange rate is well below 3580 dollars per coin. The world's most popular cryptocurrency has lost as much as 45% over the last 3 months. Over the period, the market cap has dropped from 210 billion dollars all the way down to 119 billon dollars.
Some international experts assume that Bitcoin is unlikely to go up considerably in the near future. On top of that, the current situation makes it impossible to make accurate long-term forecasts, mostly because of the weak news background and low volatility.
It's interesting to note that the current market cap of the entire crypto market is below Nike's market cap. The problem of trust to the cryptocurrency market still exists. On top of that, ETFs and some other instruments required for investing in cryptocurrencies are still banned.
Despite the fact that BTC/USD is currently trading around a local support area, they don't recommend buying Bitcoin at least until the exchange rate consolidates above 4000 dollars per coin. 

Once again, more and more experts seriously doubt that Bitcoin will start a new rally in the coming weeks. Still, if the price does reach the $4000 threshold, it will created the so-called Head and Shoulders pattern. In this case, the price will head for $5000.
At the same time some of those experts assume that the price is likely to drop down to 2500-2600 dollars per coin. After that Bitcoin may well start a new bullish cycle. Still, there are several factors that can seriously affect the current and future state of affairs in the entire cryptocurrency market.
They say that BTC/USD hasn't been too active recently, which is why the volatility is relatively low. To fuel up a new rally, a volatility hike is needed. On the other hand, some events may actually change the market situation in the future. If that's the case, the exchange rate may recover all the way up to 6500-7000 dollars per coin.


 Apparently, there are many events scheduled for this year. Some of them will clearly influence the cryptocurrency market. So, the best piece of mind that international experts can give us right now is to closely watch those events and evaluate their possible influence on the market.

While some experts are convinced that Bitcoin will definitely go down in value in the coming months, others belive the USD/BTC exchange rate won't consolidate below 3000 dollars per coin. They belive that all of those big-scale investors who had been loading up on Bitcoin will eventually have to support the world's first and biggest cryptocurrency. The thing is, most of them purchased most of their BTC coins at around $3000 per coin, which is why they won't simply let it dive even deeper. Some of those experts believe that the exchange rate will stay in the 3000-4500 range over the first 2 months of the year. By summer, the price will have broken from the range to had for 6000 dollars per coin, especially as the 2nd and 3rd quarters of the year have traditionally been the time of positive news for cryptocurrencies over the last few years. This is expected to attract more investors, which in its turn will also back a stronger Bitcoin.


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