Bitcoin Price Prediction: What Happened to the Price of BTC and Where Are We Going?
The cryptocurrency market has once again demonstrated its strong volatility. In less than 24 hours Bitcoin (BTC), the leading cryptocurrency of the ecosystem has gone from trading of $ 8100 to the current price of $ 7155.32 USD, a fall of -9.35%, which has caused its market capitalization to lose little more than $ 25 billion dollars.
As a result of this steep fall, the market has gone from levels of $ 250 billion to just over $ 228 billion, which, although they are quite high compared to a week ago, has caused a spiral effect throughout the ecosystem that has led Bitcoin to lose its domain by almost 4 percentage points.
The fall apparently originated in Bistamp, when in the exchange an unknown person placed an aggregate sales order of $ 5000 for BTC, so the orders were closed at a low price of $ 6,200, resulting in a massive price drop, according to Dovey. Wan, co-founder of Primitive Ventures.
This is what happened
1. A jackass put up an aggregated sell of 5000 $BTC on stamp
2. Stamp poor depth + algo glitch?
3. Bmx index is 50% on stamp
4. Massive Bmx liq tanked the mkt
5. Despite all ☝🏻BTC quickly bounced back to $7000
This might be the best chance to BTFMD
— Dovey 以德服人 Wan 🗝 🦖 (@DoveyWan) May 17, 2019
This generated the parallel settlement of $ 207 million in long positions in BitMex. Both exchanges are related, given that BitMex prices, 50% of its index is Bistamp, so that both occurred in the massive fall of the market.
In this regard, Bistamp officially stated in his twitter account, what had happened, giving the reason to Wan on what was previously indicated in his social network.
1/2: A large sell order was executed on our BTC/USD pair today, strongly impacting the order book. Our system behaved as designed, processing and fulfilling the client’s order as it was received.
— Bitstamp (@Bitstamp) May 17, 2019
However, for the short term BTC presents a downwardly feasible scenario up to levels of $ 6424, which becomes the strong support to which everyone wishes that the cryptocurrency does not arrive, except for the ‘whales' that wait for an opportunity like this to increase your profit
BTC generated two important resistances @ 7842 and @ 8400 for this investment horizon. At this moment his key support resides in the band of @ 7175. If in the next few hours, this value is broken, we could see values close to the strong support of the 6k.
In my opinion, this is fall, after the distribution. Bitcoin is looking to shorten each rally now, unless we go above 7640.
For the medium-long term we are optimistic about the cryptocurrency as long as we stay above @ 6400. The price rebound from this confluence of parabola and diagonal support could push BTC back to levels of @ 8400 in the medium term.
In addition, we could think that a maximum of 8100-8200 is what BTC can achieve for this investment horizon, judging by the cyclical pattern that we are seeing when the cryptocurrency boomed and fell between November 2017 and January 2018.
Something, that judging by the current similar behavior, we would be talking about the maximum price of the year for the cryptocurrency in the previous levels reached of $ 8300.
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Bitcoin’s price is $44,577.86 BTC/USD exchange rate today. The real-time BTC market cap of $830.08 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $16.28 Billion and live coin value change of BTC -6.12 in the last 24 hours.
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