Bitcoin Rally Could Take Place Later Than Expected

China Publishes Second Monthly Cryptocurrency Index | Blockchain Technology
China Publishes Second Monthly Cryptocurrency Index
June 26, 2018
Bitcoin Rally Seems to be Starting in July | Cryptocurrency Growth
Bitcoin Rally Seems to be Starting in July
July 5, 2018

As the third week of June 2018 came to an end, the price of Bitcoin reached a new low for the year. On the major cryptocurrency exchanges, Bitcoin was trading below the $6,000 mark, and some analysts believe that this downward trend could extend a few more weeks, which means that the bullish rally many traders have been expecting could be delayed until later this year.

The Projected Forecast of Bitcoin Markets

Price forecasts for the world’s most valuable digital currency are now approaching the $4,500 mark; the idea of Bitcoin falling below $5,000 was hard to fathom a few months ago, but in the current situation it no longer seems unreasonable. Lower volatility is at the heart of this trend, which has been developing since Bitcoin was trading around the $10,000 level in April, and which more clearly represents a correction. As a financial trading commodity, Bitcoin is becoming more mature, but mainstream circulation is still lacking; until widespread adoption takes place, the price of this digital currency will continue to be influenced by speculative pressure. As long as investors continue to buy and sell Bitcoin purely for trading purposes, there is little to prevent bullish rallies or bearish periods.

Since June 4, traders who rely on technical analysis have come up short with regard to calling a true Bitcoin bottom. Traders took advantage of a slight recovery as they hoped to cash in at the $6,800 level, but they had to settle for a short run that started tracing back once the price of Bitcoin touched $6,720. With low values under the $6,000 level, traders will have to adjust to new moving averages and the possibility of Bitcoin falling below $5,000.

Investors Look Forward to the Next Bitcoin Rally

There have not been many forecasts of a rally taking place in June; however, few analysts expected to see Bitcoin at the low levels it has reached this month. Now that a drop towards $5,000 and maybe even lower is feasible, traders will likely have to wait a few more weeks or even a couple of months before taking longer and more bullish positions.

While cryptocurrency investors have every reason to be worried about Bitcoin losing nearly 20 percent of its value in just one month, it is important to remember that central banks and financial regulators have been evaluating the implementation of blockchain applications into their monetary systems. Positive reviews and comments by regulators will reduce volatility and return confidence to the markets, two elements that can make a rally happen.
Bitcoin Rally Seems to be Starting in July
China Publishes Second Monthly Cryptocurrency Index
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