Value of the most popular cryptocurrency dropped from more than $8000 to $6600
The situation improved afterwards, yet the bearish mood may remain.
The fear of Chinese cryptocurrency ban is one of the reasons of bitcoin sale. The fright connects to the recent information of Chinese government that their own digital currency is being prepared. Last time bitcoin was on the level of $7100 was May. The price oscillated between $8000 and $9000 during last month and in the middle of this week it even dropped to $6600, that is the lowest value in last 7 months.
The progression in last days of November will be very important, according to analysts. If bitcoin succeeds in growing over $8000, it will be the way to grow in the future. Yet, should the value stay under the level, the risk of bitcoin sales will rise. Hopefully, it could last till the end of the year.
“We’ll likely have a bearish December to test new lows if the bitcoin doesn’t grow over $8300 by the end of November. But 2020 will be a good year. I almost wish it to go lower to buy myself some cheaper coins,“ Willy Woo, Adaptive Fund analyst and partner tweeted.
