Bitcoin will likely drop below $ 6,000 this week, with bearish indicators still littering short- and long-term charts.
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Bitcoin Price Drop To $3200 Would Still Continue Uptrend, Fundstrat Confirms
The price of Bitcoin may be heading down to $ 3200, new research has warned — as the first and foremost cryptocurrency fails to find support at its April lows of $ 6450.
The Bigger Picture
In a detailed transaction analysis released June 13, Fundstrat Global Advisors concluded that — due to the lack of support — BTC/USD could hit February’s $ 6900 low before rebounding and subsequently falling further to somewhere between $ 5000 and $ 5500.
The findings begin:
Bitcoin Price Drop: Is this the Best Time to Buy?
By 2 PM (EST) on June 11, 2018, Bitcoin, the number one cryptocurrency, had dropped almost $ 1,000 from its price, trading at $ 6,700. BTC is now trading at its lowest value since the middle of March 2018. One of the most significant questions remains what to do next – join the selloff brigade, hodl, or buy more Bitcoins?
Getting the Facts Straight
First things first, the facts need to be straightened out. Market manipulators most likely triggered the present sharp price dip. Retail cryptocurrency investors have shown that they have “thin skins” when it comes to weathering negative market signals. The response is usually the same – a massive dump which invariably sends prices tumbling.
Japan Could Pressure Exchanges to Drop Monero & Dash: Reports
A Japanese regulatory working group focussing on cryptocurrencies has suggested exchanges should not be “allowed” to trade certain altcoins including Dash and Monero.
FSA Suggests Altcoin Squeeze
As Forbes reports citing a meeting of the group, which consists of industry experts organized by Japan’s regulator the Financial Services Authority (FSA), the anonymity options such altcoins present could be grounds to banish them from the country’s burgeoning exchange sector.
“It should be seriously discussed as to whether any registered cryptocurrency exchange should be allowed to use such currencies,” an unnamed member said April 10.
Japanese Regulator Pressures Exchanges to Drop Privacy Coins
Japan’s Financial Services Agency, tasked with monitoring the country’s cryptocurrency exchanges, has quietly been pressuring platforms to delist privacy coins. Coincheck has already done so in the wake of the $ 400 million NEM hack. If fellow exchanges follow suit, it could signal the beginning of the end for privacy coins such as zcash and monero on Japanese and possibly even global exchanges.
Also read: Bitcoin Cash Adoption Continues: Crypto Cafebar, Gold Vendor, Concealed-Carry Clothing
Crypto Funds Drop 29.2% in March Reveals Hedge Fund Data Specialist
In theory, hedge funds employ complex investment strategies that should allow them to achieve high returns both in bearish and bullish markets. In practice many fail due to short term thinking and over-leveraged trading. These can be especially costly and not suitable for the young and volatile cryptocurrency market as any long time bitcoin HODLer can tell you.
Also Read: Indian Exchange Takes Central Bank to Court Over Bank Ban
Ransomware Attacks Drop while Cryptojacking Marks 4000% Increase in Q1 of 2018: Stay Safe!
Android crypto-miners have seen a staggering 4000% increase in the first three months of 2018. To put things in perspective, the total consumer detections have reached 16 million as of the end of March, according to a report issued by Malwarebytes.
It seems that last year’s cryptojacking sentiment is still running with full force, as consumer crypto-miners soar 4000% in just the first three months of 2018. Info Security cites Malwarebytes, pointing out the massive increase in Android crypto-miners.
NEO Price Will Likely Drop to $45 As Market Momentum Remains Bearish
Any positive cryptocurrency market momentum remains pretty difficult to come by. Even today, it seemed as if a positive trend would finally materialize, yet most of the top 20 currencies are in the red once again. The NEO price is one of the few exceptions in this regard, even though the going remains pretty tough for this altcoin.
NEO Price Gain is Being Crushed
As one would almost come to expect these days, there is little to no room for long-term passive cryptocurrency market momentum. Whereas it seemed things were off to a good start two hours ago, most of those gains have been eradicated every since Rest assured this is not the last of the bearish pressure either, as there is still a decent amount of volatility in the industry as of right now.
A 30% Drop in 5 days…Where Will Bitcoin Price Go from Here?
When financial markets are analyzed Bitcoin price is generally considered the newest and highest risk instrument in the space. BTC even has options and futures traders puzzled with its significant price fluctuations. This week BTC has fallen more than 30% since its high, but why?
The Cryptocurrency Markets
December saw Bitcoin approach $ 20,000. January saw a correction of epic proportions concluding in February when BTC dipped under $ 6,000.
February through the beginning of March saw Bitcoin price climb and eventually trend north more heavily following the Chinese New Year. That was until this week where Bitcoin along with almost every altcoin has suffered a significant punishing. However, with FUD comes a major drop in prices providing opportunities all across the market.
Bitcoin Revisits $10K After Yesterday’s 10 Percent Drop
Bitcoin has moved back up to the $ 10,000 mark, but the technical recovery will likely be short-lived, according to the technical charts.
CoinDesk