Friday, June 22, 2018

Following another large flash crash overnight, analysts see potential for Bitcoin to drop as low as $2500 per coin

After spending the last 10 days trading in a range of between $6200 and $6750, Bitcoin took a major hit overnight and flash crashed down towards $6100.  But what is most disconcerting to cryptocurrency enthusiasts and HODLers is that the lack of volume and momentum could see the cryptocurrency fall as far as $2500 according to some analysts.

Yesterday, Bill Baruch, President of Blue Line Futures, told CNBC bitcoin's "bottoming process can begin" following signs that volatility is "depressed" and that "selling has become exhausted". 
Luis Carranza, founder of London Fintech Week has responded by telling that crypto has come a long way in 2018 and there are plenty of reasons to be "optimistic". 
He said: "Crypto is unpredictable. There are massive spikes and drops. $4500 could be the bottom, but there is nothing preventing $2500 from being the bottom. Likewise, as crypto becomes more mainstream the price tends to rise. Even if the price drops to $1000 there's nothing preventing another surge to $14,000." – UK Express
The most likely scenario for a Bitcoin bottom could come next month when the G-20 meets again in Buenos Aires.  That is because discussions on a global regulatory framework for both sovereign and de-centralized cryptocurrencies are on their docket.


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