Bitcoin price has broken finally Broken the $8,000 support region, after struggling for several days. This move now puts the leading cryptocurrency in a bearish position as the year draws to an end.
This breakout towards the lower price levels saw BTC fall to $7,880 before bouncing upwards towards the $7,940 region. At the time of writing, the price of 1BTC stands at $7,932 with the marketing looking towards further lower regions.
This bearish move does not come as a surprise, as several analysts have predicted it before now. The key regions where Bitcoin is expected to find the next support are the $7,500 region, and even the $6,500 region is possible. This does not take away the overall longer term bullish overview that is expected for Bitcoin, especially when fundamental factors are put into consideration.
Next year’s Bitcoin halving is a milestone that a lot of users have in sight. Many expect some similar behavior to previous Bitcoin halving events, where price will skyrocket in response. Whether history will repeat itself remains uncertain, even though there are opinions that this particular Bitcoin halving will be unique.
One of the proponents of a different behavior for Bitcoin during this era is popular statistician, Willy Woo. According to Woo, Bitcoin will remain in a bearish sentiment until the next Bitcoin halving event. This is a different behavior from the previous two Bitcoin halving events where Bitcoin price turned bullish at least 6 months ahead of the given respective Bitcoin halving. Woo also predicted that the current volatility that Bitcoin is experiencing will continue in the coming months.
Opinions such as these are usually useful for speculators who look to take advantage of the Bitcoin price movements to make money. Whether upwards or downwards, it is the change in price that influences when to buy Bitcoin or sell by traders.
Perhaps, what many perceive to be a negative market sentiment for the world’s leading cryptocurrency will be seen as a window of endless opportunity by many other. Individual opinions in this case depends on the goals and expectations of the particular Bitcoin user.