- Bitcoin Extends Decline, Trades at $4,746
Bitcoin, the most dominant cryptocurrency, extended its decline below $5,549 psychological level to $4,746 a coin during the Asian trading session on Monday.
The digital currency retraced from $3,824 low recorded on Friday to close at $5,434 per coin but continues the bearish trend on Monday after Dow Jones Industrial Average declined by 1,000 points despite Federal Reserves’s 50 percent interest rates reduction to support new job creation and price stability.
Several investors liquidated their positions amid fear of further decline below $3824 low.
“Crypto-asset markets again seem to be mirroring the actions of the traditional markets,” said Simon Peters, analyst and bitcoin expert at brokerage eToro.
“However, fear is arguably a more dominant emotion than greed at the moment, because even with this stimulus, investors are still very worried about global economies grinding to a halt due to COVID-19.”
Bitcoin Price to Hit $397,000 by 2030, Says Report
Bitcoin Price Predicts to Hit $397,000 Per Coin by 2030
A recent report by the Crypto Research Group has shown how Bitcoin, the world’s most dominant crypto coin can attain $397,000 per coin price level in the next 10 years.
In the June 2020 edition of the report, researchers said Bitcoin and other altcoins like Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), and Stellar (XLM) — would get a huge boost before 2025. This, they said will continue for at least five years given that Bitcoin is still at a very early stage of adoption.
“We believe that Bitcoin is still at the very start of its adoption curve,” the report states. “The price of $7,200 at the end of 2019 suggests that Bitcoin has penetrated less than 0.44% of its total addressable markets [worth $212 trillion]. If this penetration manages to reach 10%, its non-discounted utility price should reach nearly $400,000.”
This means Bitcoin price will increase by more than 4,000 percent from the current level, while ETH, LTC, and BCH are also expected to do roughly 1,600 percent, 5,000 percent, and 5,400 percent growth in the next ten years, respectively.
However, XLM is expected to see the largest increase of more than 11,000 percent increase from $0.07 to $7.81 per coin.
The Liechtenstein-based research group said “If cryptocurrencies gain adoption for long-term hoarding purposes or for short-term spending on speculation or coffees, the price of crypto assets will go up,” the Crypto Research Report stated.
“High velocity on-chain and low velocity off-chain suggests that crypto assets are becoming increasingly used for speculation and not for store of value.”
Bitcoin Continues to Drop, Hits $8,977 Per Coin
Price of Bitcoin Continues to Drop on Thursday
Bitcoin continues to drop on Thursday as the world’s most dominant cryptocurrency set a new low for the week after hitting $8,977 low following surged in supplies from miners.
A report that supplies of the coin rose in June due to the increase in miners’ conversion rate weighed on the digital coin bullish breakout expected above $10,000 resistance level.
Price of the coin declined from $9,772 attained on Tuesday to $9,271 on Wednesday before plunging further to $9,163 per coin on Thursday morning at 1:56 p.m Nigerian time.
This was despite Tuesday’s optimism that Paypal Inc was about to jump into the crypto exchange business.
The decline started after a report by CryptoQuant, a on-chain monitoring resource, showed HaoBTC and Poolin miners moved over 7,000 Bitcoins as anticipated bullish run to have stalled due to lack of new capital.
The reports created panic and broad-based selloff among retail traders, pushing prices below $9000 for the first time this week.
Bitcoin Drops on Wednesday as Miners Outflow Surges
Price of a Unit Bitcoin Drops on Wednesday as Supply Surges
Bitcoin, the world’s cryptocurrency frontrunner, declined from the $9,772 it traded per coin on Tuesday morning to $9,202 on Wednesday following reports that Bitcoin supply is on the rise.
The dominant coin retraced slightly to $9,368 per coin at around 2:08 p.m Nigerian time as shown below.
This may not be unconnected with the Bitcoin Halving highlighted by Investors King in May.
Investors King posited that due to the huge cost of running mining operations and the reduction in block reward, miners are likely to withdraw more often henceforth to meet the difference in operating cost created by the third halving.
Experts now expect sellers to pressure price below the current level as the coin fundamental gradually changed from positive sentiment to break $10,519 resistant level to bearish.
“There has been a big spike in miner outflows overnight, I’m expecting a whole lot of selling, starting real soon,” stated Cole Garner, a popular cryptocurrency analyst.
As predicted last week, a break below $8,781 support level would turn outlook bearish and open up $8,231 support. However, Investors King needs a break of $10,519 resistance level to confirm the bullish continuation.
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