Recently, Bitcoin saw a slight recovery to rise above $3400, the last 24 hours has seen cryptos’ aggregate value to range between $100 billion and $115 billion.
This tumult, which is definitely a worrying sight for crypto’s bulls, was followed by a $20 billion in 24-hour volumes, which comes directly after a relatively measly $14 billion Thursday.
Although Bitcoin (BTC) bounced by 5% off its lows, still a bearish picture for crypto markets was painted by an analyst. Naeem Aslam (Chief Market Analyst at Think Markets U.K) issued a note to Aaron Hankin of MarketWatch, explaining that BTC, considering the technical indicators as well as the current momentum, could drop below $2,000 to $1,500 in due time.
Bitcoin (BTC) Price Today – BTC / USD
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Aslam, citing reasons for this bearish prediction, talked about the “bad news” cycle seen in the crypto industry, adding that negative developments of this kind are “coming just like cockroaches out of a hole.” One such development may be the recent verdict of the SEC concerning the foremost Bitcoin ETF application. Reports have suggested that the SEC delayed its decision on the VanEck-backed application for the umpteenth time, and in the midst of a crypto bear market no less. The government agency in a published document claimed that its right will be exercised to delay a verdict on the application till 27th February, 2019. Although the document’s release didn’t produce any red candles directly, such a decision likely instilled some fear in inexperienced investors. CoinFi’s CEO, Timothy Tam, in a discussion with Bloomberg concerning the effect of negative industry developments, said that: “Sentiment in the [crypto] market is really bad, any negative news has an exponential effect.” However, he still noted that Bitcoin and cryptos generally have a ground-breaking potential echoing calls he made on CoinTelegraph TV saying that: “This is a crypto market which has the ability to blow your mind and the downside is limited and the price at its current level represents an opportunity of a lifetime.”
Aslam, citing reasons for this bearish prediction, talked about the “bad news” cycle seen in the crypto industry, adding that negative developments of this kind are “coming just like cockroaches out of a hole.” One such development may be the recent verdict of the SEC concerning the foremost Bitcoin ETF application. Reports have suggested that the SEC delayed its decision on the VanEck-backed application for the umpteenth time, and in the midst of a crypto bear market no less. The government agency in a published document claimed that its right will be exercised to delay a verdict on the application till 27th February, 2019. Although the document’s release didn’t produce any red candles directly, such a decision likely instilled some fear in inexperienced investors. CoinFi’s CEO, Timothy Tam, in a discussion with Bloomberg concerning the effect of negative industry developments, said that: “Sentiment in the [crypto] market is really bad, any negative news has an exponential effect.” However, he still noted that Bitcoin and cryptos generally have a ground-breaking potential echoing calls he made on CoinTelegraph TV saying that: “This is a crypto market which has the ability to blow your mind and the downside is limited and the price at its current level represents an opportunity of a lifetime.”
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