Bitcoin Experiences Downtrend

Bitcoin

BTC is currently experiencing a downtrend with prices hovering around $10,000. Only last week, BTC was over $12,000 even after having reached $12,000 a few times this month. In addition to this, experts were optimistic about Bitcoin continuing its rally at the beginning of the month. Some of the reasons behind their prediction included the ongoing United States-China trade war. This was stated in a comment by Galaxy Digital CEO Mike Novogratz on Aug. 5. He was quoted thus:

“With the yuan over 7.0, an FX war, instability in HKG and the beginnings of capital flight, $Btc rally could have real legs.”

Co-founder of market research firm DataTrek Research Nicholas Colas recently said that investors in Hong Kong and Argentina have used the original crypto as a safe haven asset. Forbes contributor and former executive director at Deutsche Bank Peter Tchir recently wrote in an article that Bitcoin is a leading indicator of hidden geopolitical tensions.

Crypto investors are reportedly now divided into three main camps regarding Bitcoin price predictions. The most bearish of the three say that Bitcoin is set to pull back to $8,500–$7,500 while the moderates say it will consolidate between $9,000 and $12,000 prior to its rewards halving in 2020.

The bulls remain unphased by recent price trends and remain confident that Bitcoin will retake its yearly high and continue upwards. Correlation data with Tether (USDT) suggests that it will reach $20,000 in about a month.

At press time, Bitcoin is trading at $10,048, down 5.81% on the day and almost 16% on the week according to data from Coin360.

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