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Bitcoin has been behaving rather strangely of late as the leading cryptocurrency is stuck around the $6,500 mark. This is quite an interesting performance given that volatility has always dominated the cryptocurrency market since its inception.
Right now, Bitcoin is changing hands at $6,443 and is up by 1.15 percent, according to the graph shown by CoinMarketCap. This is a far cry from its price last year, when the cryptocurrency was valued north of $19,000.
And since this peak happened in December 2017, crypto investors are wondering if Bitcoin can emulate that performance. Of course, there’s truly no predicting what’s going to occur in the coming weeks or months.
However, looking at the graph, it seems that Bitcoin will be hard-pressed to reach the $8,000 mark, let alone soar beyond the $19,000 margin. Forbes recently released an article that offers three speculations on what Bitcoin’s price is going to be in the last couple of months of 2018.
The prediction was made using three models. The first is the Hayes model, which analyzes the supply of the Bitcoin market. The model suggests that Bitcoin may reach a $12, 629 price, a bullish prediction. The second one is the Wheatley model, which tracks the demand of Bitcoin, a factor that’s been in steady decline. This model has quite the bearish prediction as it suggests that Bitcoin may fall to $816.
The third model is a combination of the two and predicts that Bitcoin may rise to $8,573, a far more reasonable price compared to the previous two, although it’s also a tall order. However, the CEO of Gath3r Web Miner, Raghav Reggie Jerath, said that the third model may have gotten it right.
“Historically, Bitcoin has always had positive price movements during the months of November and early December, so it is possible to see price settle around 7500 - 8500 range for the remainder for the year,” Jerath said. But looking at the Relative Strength Index over at Tradingview, the graph has settled at the 60 level. If this reaches 70, then it’s expected that the current price of Bitcoin will drop even further.
There’s also the awaited news regarding the Security and Exchange Commission’s (SEC) decision on the ETF of Direxion, Proshares, and GraniteShares. So far, the agency has rejected these ETFs on the grounds of delegating its approval to its staff. If the SEC’s decision is positive, however, then it will create a momentum for Bitcoin that may spark another bullish run for the cryptocurrency.
