What Bitcoin Slowdown Means for Price Predictions
Bitcoin (BTC) appears bearish today, following two consecutive days of decline and is now down to $66,378 (BTC/USD). The token was moving toward a new record high, but not now.
Are Bitcoin’s chances of hitting a record price point vanishing as it falls below $67K? Maybe not, and we could be seeing a slowdown ahead of a surge. But there are some factors that investors need to be made aware of as we try to predict where Bitcoin is headed.
Some analysts predicted that Bitcoin would reach a tipping point about this time, after it had climbed so high and neared $70K. The coin had not managed to come so close to a record price level in a while, and investors were very excited about possibly seeing a new achievement.
Michael Saylor, the former CEO of MicroStrategy said that Bitcoin was headed for a tipping point. He pushed the company to buy up millions of dollars’ worth of Bitcoin in the past and has his own stash of bitcoins. He said that with the recent upswing, Bitcoin was going to tip over at some point, and that looks to be happening now.
Price Surge and Decline
The recent stimulus packages sent out to Chinese residents has helped Bitcoin to climb much higher in the last couple of weeks. Even though Bitcoin and other cryptocurrencies are essentially banned in the country, there is a thriving black market for the digital currency that is accessed via overseas bank accounts.
The digital token has also done well off the back of former US President Donald Trump talking about big news coming for cryptocurrency. Current US Vice President Kamala Harris has also helped boost Bitcoin and the crypto market with her recent support for digital currency made public.
The price shot up for a while, but since Monday, the coin has been in decline, as has the rest of the crypto market. We can blame this partly on a lack of information about when the next interest rate cut is coming as well as natural price correction for Bitcoin after it has done so well. We still expect the coin to hit a record high soon, surpassing $74K before November is up, but it may have to overcome a few more obstacles before it gets there.
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