Bitcoin Price News: Latest Crypto Community Insights and Analysis

A look at the bitcoin price action over the past week. Is the bottom of BTC/USD exchange rate value in for the leading cryptocurrency or are we in for a rough quarter?

Bitcoin Price Watch Update: Current Analysis

The current bitcoin price is hovering around the $7,500 BTC/USD exchange rate value.

bitcoin-price-chart-1-week-october-btc-usd

With a high of $8,273 in the past week, Bitcoin dropped from $8,050 USD down to $7,450 in a matter of hours on October 23, 2019.

What’s interesting as Bitcoin value in USD sits at $7,500 range on October 24, 2019 – a crypto twitter contributor said this back on January 4, 2019 (when BTC/USD was $3,850):

BTC Analysts Predict Things Will Eventually Get Better, but How Soon?

Ever since Bitcoin saw its value drop, investors have been keen on understanding what’s to expect with the digital asset. Many leaders and analysts within the space have been sharing their perspective on what is currently going on and where we might be headed. It turns out that things might get a little ugly before it can better.

Volatility Concern to Flourish with Time

Although the market was performing quite well, with its last unexpected swing sometime in July 2019, cryptocurrency investor and trader, Josh Rager noted that this unfortunate swing can be anticipated once more. The reason for such a claim stems from the fact that there exists a difference between BTC’s upper and lower band in the Trading Envelope Indicator.

A similar narrowing was supposedly witnessed last month, which led to a drop of 12% in value. Equity Strategist, Matt Maley, argues that volatility is surely to arise merely because of the failing Libra project, in which many of its founding members have slowly aborted mission!

Could this mean that another drop in value awaits the giant crypto? As per Analyst The Cryptomist, if the bulls come together now, the damage did could potentially be reversed. However, if nothing is done, the giant might be sitting below the $7K threshold, only repeating its downward trends compared to that of 2018.

Congress, Brexit, and Many Other Reasons to Have Pushed BTC Prices Down?

Besides Facebook’s Libra not turning out as one might have wanted, it seems like there are a number of other reasons why BTC’s value dropped.

First comes Congress members. It turns out that they seem to only focus on the negative aspects of cryptocurrency. CEO of Arca, Jeff Dorman deems that the market’s poor performance is clearly linked to such negative “catalysts”.

Then comes long positions of cryptocurrency derivatives on BitMEX. As per Twitter user, @taiwandan, “long liquidation on BitMEX on that huge sell-off just now which is reportedly driven by a massive sale of 3600 BTC on Bitstamp.”

Next on the list is Brian Kelly’s viewpoint on the aforementioned sell-out. In particular macro hedge funds that were purchasing BTC as a hedge to Brexit are possibly selling them now amidst the price drop.

Obviously, with BTC’s value bouncing at lower and lower forces, miners are surely to make hasty decisions. Primitive Crypto’s Dovey Wan reasons that miners might be selling fast out of fear. Alex Kruger shared on Twitter that “when hodling decreases while price is going down,” things will only look even more negative.

Another argument comes from Tuur Demeester, who shared that in order for BTC to remain in the $8,000 ranges, at least until the next halving event, a demand of $2.88B is required, adding that “that’s $100M in net positive demand required per week.”

There’s Still Hope for Bullish Trends!

CEO of Galaxy, Mike Novogratz shared that a number of negative events are what caused the giant to drop in value. That said, he believes that things can go either way (continue bearish or become bullish) with “new energy”.

As per the crypto fanatic, if Fidelity urges clients to purchase BTC, this can in turn allow for bullish trends. In addition, he noted that the creation of an exchange-traded fund (ETF) could help to motivate investors as well.

While the cryptocurrency market has had its up and downs, its overall performance is quite impressive. To date, the number of transactions only continue to grow, with $10 billion in transfers being made on average per day. This adds up to $11 trillion transactions since BTC’s existence. Therefore, BTC is reasoned as not going anywhere for the time being.

The month of September was not a nice one for Wall Street, and they supposedly felt discomfort with Feds trying to keep rates on short-term borrowings low. As per Travis Kling, “The Fed’s actions with interest rates and repo markets have big bullish implications for #bitcoin.” It was also shared that the Feds are planning to add $120 billion in liquidity per day into repo markets, which reflects a 60 percent increase in “the overnight repo liquidity.”

Finally comes Congressman, Brad Sherman who noted that either investing in cryptocurrencies is going to leave investors with an unbearable loss or they may become big enough to overtake the US Dollar. Here’s what Sherman emphasized regarding the latter:

“It does achieve its objectives perhaps and displaces the US dollar or interferes with the US dollar being virtually the sole reserve currency in the world.”

Overall, analysts appear to be convinced that things may worsen. That said, this doesn’t mean that they won’t pick up, and just as there are enough reasons to argue for a decrease in value, it seems like an equal amount exist for another possible bullish market. What are your thoughts? Are you hopeful that the market might regain some momentum before its halving event?

6 Crypto Community Tweets About Bitcoin’s Price and Crypto Market

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