Jul 31, 2018 at 23:34
Jul 31, 2018 at 23:34 UTC
Bitcoin Refuses To Stay Down, Rebounds Quickly After Drop
BTC Wires: Bitcoin had experienced a sharp decline, plummeting as much as 4% from $8,150 to $7,800 on the 31st of July. The reason behind this downslide was the decrease in the value of both small market cap as well as major cryptocurrencies.
However, the bad news did not prevail for long as just a few hours later, the value of bitcoin hit back to $8,150 from $7,800, demonstrating a straight recovery after the slip. But despite this recovery, other digital assets failed to rise again.
On the 30th of July, CNN said in the reports that bitcoin’s value is expected to drop under $8,000 owing to some instability in the market. Moreover, it also mentioned in its reports that if it holds onto stability at the lower ends of $8,000, it could see a sharp rise to around $8,500 soon.
And as expected, the downslide did occur to the higher end of $7,000. But since all of it happened within a very short period of time, it was unforeseen by most of the traders. Peter Brandt, along with some other renowned investors, has opined that bitcoin may also reach a high $9,400 in the mid-term through the expected pullback. Having said that, since bitcoin has tested the $10,000 twice already in the past three months, the growth to over $9,000 can be very much expected.
Given the lack of confidence (evident on the fall of most of the alternative cryptocurrencies) that investors had on the cryptocurrencies market in the short term, a pullback is looking inevitable. Moreover, if this trend continues to be in place, bitcoin value may again plunge below $8,000 in the coming few days.