The king of the coin, Bitcoin has just picked back to soar above $9,500 recovering from the week’s losses. According to Coinmarketcap, bitcoin is trading at $9,571, the curve showing a little push upward from the previous down movement at press time.
As traders, investors and enthusiasts are still rejoicing, a crypto regulatory analyst and trader, Josh Ragar warns in a tweet that bitcoin will still hit down to $8k range. He explained that a fresh break will see it going to $8,700ks after that, it will head down to $8k.
Ragar has been able to come up with this analysis, just by watching bitcoin chart daily, he claims it does need to break back above $10,100 to get bullish again.
Causes of Constant Change in Bitcoin Price
Changes in the price of bitcoin are mostly caused by the factor that empowers traders to buy or sell. Experts make a forecast about prices based on fundamental and technical analysis, traders always act on reports that may affect the value and price of bitcoin.
Bitcoin is limited in production time and quantity, the total number of bitcoin is known to be only 21 million. The time at which the newly created bitcoin will be available is predictable and the production rate is decreasing, this impacts on bitcoin and its growth.
Investors and enthusiast focus on the price changes, subjecting it to human psychology, some wish to see an increase in price, while others wish for a downward trend.
Bitcoin price could be manipulated by wishing forces from two sides, the bulls, and the bears. There is still no technical explanation of why the price goes up or down, except that it is triggered by some factors.
Bitcoin had hit a mark of $10,200 before it breaks down to low of $9,350, hours later. It is possible that it can hit a daily high of $9,600 this weekend.
The founder of Virtual Currency and Prediction Markets, Max Keiser, stated that bitcoin market will soon reach 85% once at altcoin’s expenses.