Since Bitcoin (BTC) hit the cryptocurrency trading market back in 2010, Bitcoin traders all around the world have watched the digital currency fluctuate from all-time highs to all-time lows in real-time. Experts and novices alike often wonder if Bitcoin’s prices have the ability to maintain any sort of stability long term – and so far, it seems as though the answer is no.
When it comes to Bitcoin price predictions, it can be difficult to know what turn the currency will take until it’s already happened. Although it can be a challenge to forecast Bitcoin’s fluctuations, we can still report on any recent changes – and, ideally, learn more about where Bitcoin’s future may be headed.
Here we will discuss one of Bitcoin’s most recent slumps and what the cryptocurrency’s future may hold.
What Happened to Bitcoin’s Price and the Cryptocurrency Trading Market?
For a few weeks prior to the cryptocurrency trading market crash of September 2019, Bitcoin traders had been experiencing low volumes and thin ranges. Unfortunately, no profitable trading was to come from these developments. Seemingly overnight the market sold off at a sharp rate, which caused losses that rose to the double digits.
Experts weren’t able to identify a clear reason for the recent Bitcoin evolution from success to slump. However, it didn’t come completely out of the blue – for two or three weeks before the dip, a descending wedge pattern had been emerging. This caused the daily chart to predict such a move and warn traders to be careful.
This Bitcoin forecast was solidified when the horizontal support line broke at $9,080. As mentioned above, this sparked a sell-off that did nothing but accelerate the cryptocurrency’s fall. At its lowest point, it slipped all the way down to around $8,000. However, it did manage to bounce back from that low a little.
What Does Bitcoin’s Future Look Like?
“October 2019 promises to be an exciting month with many questions waiting to be answered… Where will the Bitcoin dominance head to?” – The Binance Research team on the future of Bitcoin
Of course, it’s impossible for experts to give a Bitcoin price prediction for 2019’s final months, 2020 or beyond that has guaranteed accuracy – those who trade with the cryptocurrency must accept Bitcoin’s unpredictability. However, as always, guesses can and will be made. Here is what the professionals are saying about Bitcoin’s future.
If Bitcoin wants to regain any momentum as a bull market, it will need to surface above the current descending slope, which, at the moment, is around $10,200. Currently the CCI indicator believes that Bitcoin is very oversold – and, unfortunately, this could cause investors to experience more short term losses. Another factor Bitcoin traders should take into consideration is that, in the coming months, the cryptocurrency could potentially fall into the early to mid $4,000s.
Of course, it’s important to note that all of this is subject to change – Bitcoin’s future has never been set in stone and that is unlikely to change anytime soon. The best thing to do, whether you’re a trader or just someone who has an interest in digital currency, is to continue to keep up with the cryptocurrency’s latest news to see all its spikes, slumps and predictions.
If you need a quick refresher on any of the terminology in this article, take a look at this cryptocurrency trading glossary from SFOX. You’ll be up to date on everything from trading software to where to store your earned money in no time.