The cryptocurrency market thus far has been quite volatile, hence confusing cryptocurrency experts and analysts. This can be witnessed in the changing forecasts made by these figures. Some believe that bitcoin’s price will achieve a new all-time high in the next few months, while others disagree, and suggest that the market’s glory days are over.
Price Analysis
Sunday, Oct 7: the cryptocurrency markets have remained fairly stable on the day, despite last week’s major news in the industry, including institutional investments and an update from the SEC on their highly-anticipated Bitcoin ETF decisions.
The total market cap is at $216 billion at press time, having dropped from over $220 billion yesterday. The daily trading volume is at $10.4 billion, after surging above $17 billion on September 28. However, most digital currencies are in the red, except a few coins such as Litecoin (LTC), Tron (TRX) and Tether showing small candlesticks.
Also, Bitcoin has managed to remain relatively stable in the $6,400 to $6,600 range, struggling to sustain its daily trading volume across major exchanges. The coin’s total market cap dropped $4 billion to $3.2 billion in the last 48 hours. Overall, Bitcoin has lost about 30% of its volume in the past two days.
Cryptocurrency experts and analysts’ varying predictions
About two months ago, several experts predicted the price of bitcoin to achieve $8,000 to $9,000 by the end of October. However, the recent market volatility has confused cryptocurrency experts and analysts. This is because, despite the increased adoption by financial institutions, not much has changed in the crypto market to reflect these adoptions.
Moreover, other experts such as Mike Novogratz, stated that it will be difficult for bitcoin to reach $9,000 this year. Mike made this comment during the Economist Finance Disrupted.
What’s your take on the varying predictions regarding the market’s direction?
Share your views in the comments section below
