Bitcoin markets have been relatively calm since yesterday afternoon, when the digital currency fell more than 8% in a matter of hours.
The cryptocurrency declined to as little as $9,410.92 yesterday, down from an intra-day high of nearly $10,300, and has since been trading between $9,400 and $9,800, CoinDesk price data shows.
Going forward, bitcoin may benefit from strong support in the short-term and a bullish trend in the long-term, said analysts.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
“On the bright side, the $9,500 level is providing decent support for now, and the $9,000 price point is becoming a stronger foundation every day it is not breached,” said Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital.
“Moving forward, we can expect the price to fluctuate between $9,500 and $10,000, with a drop to $9,000 being the worst-case scenario,” he stated.
Kiana Danial, CEO of Invest Diva, also weighed in, noting that yesterday’s pullback certainly did not come as a surprise to her, as she was expecting such retracements.
In spite of this recent decline, she believes that…
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