Price
More than 15% fall brought the bitcoin price below the 2018 lows, for now, the price fall has stopped at the 5300 level, showing some rebound to the 5500 level. For now, the zone 5300-5500 shows a supportive character, if the support zone will be pierced – the next support on the way down is psychological level 5000.
Today forecast
Trading Bounds: 5300 – 5600. A breakthrough below 5300 will lead the price down, to the 5000 support.
Latest opinions
More than 15% fall brought the bitcoin price below the 2018 lows, for now, the price fall has stopped at the 5300 level, showing some rebound to the 5500 level. For now, the zone 5300-5500 shows a supportive character, if the support zone will be pierced – the next support on the way down is psychological level 5000.
Today forecast
Trading Bounds: 5300 – 5600. A breakthrough below 5300 will lead the price down, to the 5000 support.
Latest opinions
- Brian Kelly (CEO of digital asset investment firm BKCM LLC)
Brian Kelly quote from the yesterday CNBC's show "Fast Money"
Kelly connects the fall with panic about the upcoming BCH fork.
"Now, when you do a software upgrade, everybody usually agrees, but in this particular case, everybody is not agreeing about what that software upgrade should be. So, we've got ourselves a Crypto Civil War... and that has people in the market concerned.
So, what happened today? People are concerned that both Bitcoin and Bitcoin Cash networks might slow down, they might not work as well, that software upgrade might not go through, or if it does go through, we'll end up with some chaos.
People started selling. That triggered stops. Everybody got concerned. And that's what happened today."
However, Kelly himself sees this fall as a short-time event, and believes that prices will come back soon:
"In my view, very short term type of event. I think it's probably an opportunity. In fact, we did some buying at my fund today."
- Meltem Demirors (Chief Strategy Officer at CoinShares)
Demirors talks about possible growth catalysts on yesterday CNBC's show "Fast Money".
"Absolutely... We had six months of Bitcoin and a lot of other assets trading sideways, and I think there were just a number of events that piled up that led to this mass release, the sell-off... My view is that it's probably some institutions, some funds, deleveraging, taking some money off the table. Any time there are forks, things tend to trade weird and strange. So, I think people are trying to take some risk off the table. There are a number of exciting events coming up. In December, ICE's new subsidiary, Bakkt, is going to launch... And then, in January, we'll see Fidelity new crypto custody arm starting to operate."
