High Risk for BitCoin Price to Get Cut in Half

With the start of 2018, the BitCoin market has seen its fair share of trouble. However, analysts are estimating even worse days to come for the cryptocurrency.

Back in mid-December 2017, Bitcoins had seen an all-time high, when its valuation was up to $20,000. It even managed to gain the attention of Wall Street and Main Street. But due to anxiety issues from its investors, potential cryptocurrency hacks, the probability of a regulatory crackdown in Asian Countries, and what not, the current value of the digital coin has been ripped down to half its peak worth.

However, many people are now interested in Bitcoins as a form of investment, especially after seeing its potential back in December. But fear and ambiguity still remain on its volatile nature. Here we have gathered some insight from JPMorgan, and it doesn’t look too bright.

The current price of BTC is at $8,682/coin. However, according to chart readers at JPMorgan, there might be a 50% decline in this price to settle at $4,605 sell-off. There is much confidence in this prediction, so much, that the current questions are down to ‘when?’

The failure to clear $10128 and $10776 mark is indicative that the 50% drop might be sooner than it seems. However, there is also the chance of it happening at a later stage following a stronger countertrend rally. The optimism comes from the fact that Bitcoin did manage to recover from a low of $5900 earlier this month.

Even stills, JPMorgan claims that it is still “fairly high risk,” and that a sell-off towards $4605 might be inevitable unless the cryptocurrencies manage to break through the $10128 and $10776 resistance levels. But even if it manages to break the threshold, then bank forecasts a broader countertrend rally to $14334 if not $16304.

Please share it if you enjoy the read!

Leave a Reply

Your email address will not be published. Required fields are marked *