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Bitcoin Value Likely to Drop as Price Correction May Occur Following Bullish Run, Tracking Site Predicts
While Bitcoin has been experiencing a steady growth in the past three weeks, its valuation is still a far cry from its December 2017 price, when it was trading at around $19,000. And with the bullish run seemingly running out of steam, a price correction is expected to occur.
How deep this price correction is going to be is the next question. Right now, crypto-tracking site Coindesk predicts a value decline below $8,000 as per the data suggestion of the Relative Strength Index (RSI). RSI levels have been on the overbought levels following the sudden price spike of Bitcoin last week, which indicates that the bears are now poised to show their prowess again.
However, if a trend reversal does take place, support levels at $7,830 and $7,530 are expected to counter the price fall. Crypto investors who missed the initial Bitcoin buying when prices were low are now monitoring the market for the right time to enter the market.
There’s also the fact that the U.S. Securities and Exchange Commission (SEC) has announced it’s going delay its decision regarding whether or not it’ll approve a Bitcoin exchange-traded fund (ETF). Bull investors previously said that should the SEC approve a Bitcoin ETF, it’s highly likely that the value of the cryptocurrency will see another sudden surge.
This is because as opposed to investing in cryptocurrency exchange platforms, issuers of the Bitcoin ETF are mandated to insure and protect the funds of their clients. What this means is that the risk of an investor losing their money because of incidents like hacking will be eliminated, making it more enticing for traditional investors to enter the Bitcoin market.
But now that the SEC has decided to stall their decision, crypto investors have no choice but to wait for when the announcement comes. Some are optimistic that it will be this year, while others are predicting it’s going to come out next year. Bitcoin is currently trading at $8,225, which is lower than its value yesterday, $8,400.