Is The Recent Low Of Bitcoin (BTC) The Last For The Year?

Bitcoin (BTC) and other digital currencies in the market have once again shown that they have the ability to make a dramatic comeback after an enormous decline. The world’s largest digital currency by market cap is currently testing the $6,500 hurdle point after plunging down to the $6,200 level on September 8th.

Looking at the second largest digital currency in the world by market cap – Ethereum (ETH), a couple of analysts had already announced the extinction of the digital currency as its value plunged to the $170 level on September 12th. The value of the digital currency, however, has surged higher, and it is now trading close to the $220 mark after amassing gains of more than 15 percent over the past twenty-four hours.

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Bitcoin (BTC) Price Today – BTC / USD

Name Price24H (%)
Bitcoin (BTC)
$6,409.59
0.78%

Has Bitcoin (BTC) Tested Its Last Low for the Year?

Bitcoin (BTC) is the leader of all the coins in the market, and its direction sets a trend for other coins in the market. Bitcoin (BTC) recently declined to $6,200, and a lot of people hopes for this to be the last low the digital currency will test this year as the digital currency seems to have started a bull run which many expect will take the value of the coin to its previous levels.

Before It Gets Better, It Might Get Worse First – Willy Woo

On September 9th, Willy Woo – expert Bitcoin (BTC) analyst – said that before it gets better for BTC, it might get worse first. In a post on Twitter, Woo said, “People prepare for it, that Bitcoin (BTC) might break below the $5,800 level and experience some free fall. Saying that the next support for the digital currency is $4,900, which will slow down the decline, but the $4,400 mark is the major line of defense for the coin.”

The recent market plunge was ignited by the news that Goldman Sachs is ditching its plans to launch a trading desk for Bitcoin (BTC), which was declared ‘fake news.’ Nevertheless, with the decision of the U.S SEC on a Bitcoin (BTC) ETF filed by CBOE which is scheduled for September 30th, the market might see an over-reaction on or before the D-day.


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