- Bitcoin (BTC) testes a new seven-month low
- Industry insiders are confident that Bitcoin will recover in 2020
- Factors to drive the recovery of Bitcoin (BTC) in 2020
Bitcoin News Today – Bitcoin (BTC) just plunged to a seven-month low today. Many analysts and investors do not find this move surprising, as the digital currency has been on a downward spiral over the past few days. This is the first time the digital currency is plunging to this level over the past seven months – since it peaked at almost $14k in June.
Nevertheless, many believe that the digital currency would recover pretty soon. There is a buildup of several bullish factors that could cause a massive Bitcoin price reversal next year.
BTC (BTC) Price Today – BTC / BTC
Factors to Ignite Bitcoin’s Quick Reversal
By this time last year, the price of BTC (BTC) has broken below the $3,700 mark and the entire market was in the depths of Crypto Winter. A year after, the price of BTC (BTC) is down to $6,600 after a decrease of more than 10 percent this week. The digital currency might even plunge further before any gains. However, industry insiders are super confident that there would be a massive recovery next year.
For those who are worried, remember this:
Markets are simply about inflows and outflows. When:
✔️ The halving cuts new daily issued bitcoin in half
✔️ PlusToken finishes selling its bitcoin & ether
✔️ More institutional on-ramps become available
Bitcoin will reverse and quickly
— Nicholas Merten (@Nicholas_Merten) December 17, 2019
PlusToken Contributed to the Dip This Year
It is no longer a secret that one of the largest Ponzi schemes in the industry has had a significant effect on the digital currency markets this year. According to a recent report by Chainalysis – a digital currency research firm – the Chinese digital wallet – PlusToken – may have gathered BTC worth more than $3 billion. The firm has traced the movements of about $2 billion, as the scammers laundered their loot through mixers and over the counter.
The dumping of those coins has coincided with major market movements this year. According to a report by NewsBTC, those dumps seem to be reducing. This would have a positive impact on the price of Bitcoin, which may start to recover once it establishes a bottom.
Bitcoin’s Halving Is Just 148 Days Away
The forthcoming halving event of Bitcoin should not be underestimated, but many already are. The previous halving has had a tremendous effect on the market and this may be the case again next year, according to an industry analyst ‘PlanB.’
According to the countdown, the halving event is 148 days away and there should be some increase in momentum prior to the event. Some of the bullish economic factors that the halving will introduce include a decrease in supply, a decrease in inflation, and a doubling of stock to flow ratio. Industry analysts, investors, and observers are largely in agreement that the forthcoming halving would have an enormous effect on the price of Bitcoin (BTC).