The founder of the platform ElliotWaveTrader Evie, Gilbert suggested that the market will bottom at $4700.
According to Gilbert before you go down to $4700, price of bitcoin for some time continue to “walk” in the range of $5000-6000. According to the wave layout, the bottom will be reached around mid-December of the current year.
He also noted that due to the volatile nature of bitcoin, the price may go even lower — to $3000. However, such a scenario seems unlikely Gilberto because of the growing interest in new assets from institutional investors, as well as the gradual integration of cryptocurrency with traditional financial market. These processes can inject liquidity of bitcoins pushing the price up.
However, there is a flip side of the coin — the adoption of cryptocurrencies major players accelerates volatility. The latter is an obstacle to mass adoption and, thus, the vicious circle.
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