Bitcoin’s price has no doubt been the talk of the town, with several analysts and proponents predicting the next minor dip in price so that the community can buy-in. The interest in the king coin’s price movement was again kindled when John Kolovos, a financial analyst, stated on Bloomberg that the next buy-in opportunity might be in the $8000-$8500 region.
The Bloomberg panel began by stating that Facebook’s stock price had been negatively affected by the recent congressional hearings where David Marcus, CEO of Calibra, was grilled by several lawmakers. The impact on Facebook’s stock price seemingly bled over to Bitcoin and the rest of the cryptocurrency market, the former of which was holding above the $10,500 mark at press time.
A recent analysis had shown that on a Year to Date [YTD] basis, Bitcoin had failed to meet the highs it had set itself in May and June. In fact, the growth in Bitcoin’s price since March saw the cryptocurrency record a YTD gain of a whopping 250 percent. Kolovos however, remained optimistic. He predicted that in the near future Bitcoin’s price could see a small downside following which, there will be a significant uptrend. According to the analyst,
“Speaking of Facebook, I have been quite impressed with how the company has behaved and the resilient chart is a testament to that fact. Bitcoin, on the other hand, is in the correction process and it is a classic ABC correction. In my opinion, customers should be on the lookout for the Bitcoin price to become stable so that they can buy into the market.”
Reading the present trend in the market, the analyst pointed to a double top formation in the price, something which is usually indicative of an influx of sellers. The price low was set at $8500 by the analyst because of the price congestion in the $8000-$8500 range. The long term analysis of Bitcoin’s price showed that the bulls were very much in charge. Kolovos went on to say,
“Some people say that the lows will be near the $7000 mark but I want to give the prevailing trend the benefit of the doubt.”