November 15: Bitcoin (BTC) range-bound market comes to an end! Will it take weeks for the price to recover?
Bob Sliar, a famous analyst at the research firm Fundstrat, predicted that the price recovery of the recently plunged Bitcoin (BTC) would take "not months, but weeks."
The breakdown this week caused significant technical damage.
It will take weeks, if not months, to recover.
Quotation：Bloomberg
About the rapid fall in the price of Bitcoin (BTC)
The virtual currency Bitcoin price fell by more than 15% from the previous day on November 15, hitting an annual low.
According to CoinMarketCap, which lists market capitalization of cryptocurrencies, the two instances this year when prices fell to near the year's lows are below.
- February 6: 1 BTC = $6,812.9
- April 1: 1 BTC = $6,567.8
Source：CoinMarketCap
And the Bitcoin price on November 15, newly hitting a year-to-date low at 1 BTC = $5,483.4, represents a substantial drop of nearly $1,100 from the $6,567.8 on April 1.
The Bitcoin market had been in a range in Japanese yen of around 680,000 to 770,000 for about two months since early September 2018, and with this急落, that range-bound phase is likely over.
Reasons for the price plunge of Bitcoin (BTC)
Many experts around the world have analyzed the sharp drop in Bitcoin prices.
>>>Bitcoin (BTC) hits year-to-date lows! Experts analyze the causes of the drop
The biggest cause of Bitcoin's sharp fall is the hard fork issue ofBitcoin Cash, of course.
>>>Bitcoin Cash hard fork succeeds! What will happen to Bitcoin SV going forward?
Crypto melting down today and@BKBrianKellytakes to the charts to get to the root of what exactly happened.
In other words, the hard fork issue of Bitcoin Cash is the main reason behind the cryptocurrency's decline.
The future of Bitcoin (BTC) price
Fundstrat.......More below
>>>View on the official cryptocurrency trivia site
