Published: Mon, November 26, 2018
Business | By Eloise Houston

Oanda Sees Bitcoin Hitting $2500, Others Beg to Differ

Oanda Sees Bitcoin Hitting $2500, Others Beg to Differ

The current market seems stable as bitcoin price went up from $3500 to $3800 but according to prominent cryptocurrency analysts, the current price rise is nothing but a dead cat bounce which means that the price rise is temporary and caused by speculators who are buying in order to cover their positions.

Is Bitcoin price going under $3,000 or will that be the bottom? It was the first time since September 2017.

Among the top ten largest digital currencies in the market, Bitcoin Cash (BCH) is the worst performer.

Following the drop of BTC price below $5,000, investors have been hoping that it wouldn't plunge further, only for them to be shocked by a drop below $4,000 in a matter of 15 minutes on Coinbase.

Most traders have been very curious about the next big move for cryptocurrency markets and the last two dips came as a surprise for many.

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Again in 2014, the most prominent bitcoin exchange in the world Mt Gox was hacked which again led to a serious price decline with the exchange of losing a billion dollars in bitcoin. The price of bitcoin over the past seven years has increased by 12 500%. In a web post on Friday, Calvin Ayre, a billionaire representative of the group, said SV followers "no longer want the name Bitcoin Cash" but will continue supporting their own version of the network.

BTC  USD 1H CHART | SOURCE COINBASE
BTC USD 1H CHART | SOURCE COINBASE

Bitcoin price has taken quite a beating in the past weeks as more people are asking if this time is different and if it will ever recover.

Pompliano, a former product manager at Facebook, told us that "more investors need to be educated" regarding the fundamental concepts behind blockchain-based cryptoassets.

"I don't think this was something that tanked the markets but was rather coincidental".

What price will Bitcoin reach in 2019?

Wall Street investors can use price-to-earnings ratios to value stocks in the traditional sense but this is not applicable to bitcoin.

This weekend's exodus has been a third wave of selling which has resulted in the loss of over $90 billion from crypto markets this month alone. "What is somebody willing to buy it for and what is somebody willing to sell it for?" It recouped most of the losses by 7:50 am but remains in the red.

An example of this is the apparent sell-off and rapid buying of BTC tokens every time a support level is breached or a technical level is surpassed.

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