The latest of the ebb and flow of recent BTC price fluctuations has seen it move past the $6,400 mark once again. It now sits at $6,450, having risen from a month-long low of $6,190 in a matter of seconds. This rise is calculated to be of about 4%, after the world’s largest cryptocurrency had slumped to just above $6,000 and had stayed there for more than 24 hours.
Such was the drastic demise in BTC price that this sudden spark in fortune was not to be expected by majority of market experts. Many even appealed for investors and traders to hold on to their seats.
Cryptocurrency fund manager Jacob Eliosoff shared his fearfulness with BlockPublisher:
I see no reason Bitcoin’s price couldn’t keep dropping or stagnating for another year or two. It did so from December 2013 to mid 2016.
In this respect, CEO of ShapeShift, Eric Voorhes also had his say. He reported that while he expected this downtrodden trend to continue, we’re thankfully past the major catastrophe.
I don’t expect it (bear market) to end soon, although I do think that the rate of collapse has slowed considerably. Generally in these bubbles, after you go through several months of a downtrend you hang out in a range for a while… But I think we are done with a majority of the collapse.
Over the past seven months, Bitcoin has shown high volatility in the $6,000 to $10,000 region. In April, June, and August, Bitcoin tanked to $6,000 and recovered to resistance levels found at $10,000, $8,000 and $7,000.
Today, however, it surged 4 percent from $6,190 to $6,450 within a matter of seconds. This has made analysts to tout the suggestion that investors should expect a 5-20 percent fluctuation in value on a daily basis.
Mati Greenspan, senior market analyst for social trading platform eToro notes:
The digital currency goes through very distinct boom and bust cycles where it’s quite normal to see massive surges and sizable retracements.
What next for BTC?
It is expected that BTC will find some stability in the $6,400s for this month and a low is predicted to reach as to around the $6,100 mark. For now, it might not matter much what the price is and where it will be by the end of the day, week or month. It matters most to find stability instead of the ever increasing volatility, for the cryptocurrency spearhead that is BTC. This will be of great use into the longer term.
For now, however, this Bitcoin price merry-go-round does not seem to stop spinning anytime soon.