Bitcoin Price is on a Steady Decline, Losing Just Over $100 USD Per Day Until Yesterday
In recent times, Bitcoin has not been having the most pleasant of experiences. It was observed that on the average, this prominent digital currency has been slumping by an alarming $110.43 every single day since October 25th. Analysts are all asking where Bitcoin is going to be in the coming year. If these weekly patterns are anything to go by, then it is surely not good news for Bitcoin. However, that is not to say that there is totally no hope of any kind.
Steady Losses with No Respite
As correctly observed by retail trader Anton Kreil, Bitcoin has really slumped remarkably. This slump has been so since at least the end of October.
Since Oct 25th Bitcoin has dropped at an average rate of $110.43 per day. At the same average $ pace it will be $0 on the afternoon of January 25th (61.5 days).
— AntonKreil (@AntonKreil) November 25, 2019
If we extrapolate by making use of this same trend, it does not look good at all. In fact, it is going to be nothing but a total disaster for Bitcoin. This is because if this slump continues the way it is for Bitcoin, then you can be very sure that it going to be worth absolutely nothing by the 25th of January.
Before you start to develop high blood pressure, note that that is not going to occur. There is no way Bitcoin as a digital currency is going to become worthless overnight. In addition to this, trends or patterns do not even work like that. But that also does not mean that all is fine with Bitcoin.
If there is anything that can be noticed here, it is the fact that there are many weaknesses and flaws with the invention of Satoshi Nakamoto. Just taking a look at the weekly trends is enough evidence for this. What the observation clearly shows that the slump has been in place for weeks and at the moment, it is already beginning to weaken its price. But, that still does not mean that the case it totally hopeless.
There May Still Be Hope for Bitcoin
What happened today was not expected as Bitcoin shockingly made remarkable gains. This points to the possibility of stopping the slump that it has been facing since. Based on reports from the market, the cryptocurrency is up by 0.88% on the daily charts but that is not all to it. Earlier in the day, the same digital currency was trading at only $6,600 but it has since ballooned to its present rate of $7,250. That is a very significant rise of 10% in just under half a day.
The last two months have not been the best for Bitcoin but from what has been observed today, it may be a pointer to the fact that things might just be changing for good for the cryptocurrency. As hinted at earlier, one analyst is even very sure that things are changing for Bitcoin already. You should not forget that Bitcoin has to stick to its bullish trend and end the day on a very good note before this prediction can be strengthened. Whether Bitcoin will be picking up strength or will become a regular source of loss, only time will tell.