The legend in the InstaSpot team!
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Bitcoin has risen in price by 90% over the past three months and now is trading around $19,000. In recent days, the cryptocurrency has been trying to break through the $20,000 mark, but each time it falls to $16,000. Previously, analysts warned about a decrease to $14,000.
Financial experts warn that a downward correction could happen soon, but it is unknown how deep it could be. Earlier, investors bought bitcoin at the price of $16,400. Therefore, experts believe that in case of a drop, BTC can be purchased at any level below $17,000.
However, it is too early to think that the price of bitcoin will go into a downtrend, as large companies are investing a lot of money in the cryptocurrency. They buy the cryptocurrency at "expensive" levels, expecting a rise in prices and profits, as experts explain. They also advise traders to open short positions, because at any time large market players may easily stop the fall and reverse the price. At the moment, BTC is trading at $17,847.
If the price of bitcoin drops, this will lead to a sideways correction. In this case, the coin rate will fluctuate in the range from $17,000 to $20,000. Thus, it is better to trade within this range, as experts say. Analysts are also confident that the price will not fall deeply. That is why buy deals are more important than sell deals.
According to experts, the downward correction will begin with the probability of 75%. The price of bitcoin has increased by 90% in recent months. If the price fails to advance above $20,000 by mid-December, investors may start closing positions and fixing profits, which will lead to a drop in BTC quotes.
Today, on Wednesday, Bitcoin has depreciated approximately by 5% as part of the correction after the growth earlier. Experts do not exclude that in the coming days the price of the cryptocurrency may slide to the levels of $16,000 - $17,000. In the past, this situation was observed on the market more than once. After a rally, the cryptocurrency rate slumped by 30% or more.
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