Prepare for Volatile Bitcoin Price Movements Ahead, Analysts Forecast
- Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam said that the Bitcoin price could double soon should more regulations keep entering the cryptocurrency industry.
- Bitcoin has managed to remain at the top position due to its simplicity and complexity at the same time.
- One of the most widely used trading indicators, the Relative Strength Index (RSI), shows an oversold divergence on the weekly chart.
Bitcoin price has oscillated between $18k and $25k since hitting its bottom in June without significant volatile outliers. Bitcoin price has formed a perfect double bottom, which clearly depicts strong support. However, several indicators agree the current Bitcoin sentiment is neutral. Hereby leaving analysts to agree that an increase in Bitcoin price volatility movement is in close proximity.
Lately, Bitcoin price has been underpinned by both speculative aspects and global adoption. From a technical standpoint, the Bitcoin price is gaining much traction and will likely burst towards $30k. Nevertheless, the move could be invalidated should more sellers sustain the coming weeks. Leaving the asset on a free fall towards $14k.
Notably, most analysts unanimously agree Bitcoin price is on a rising trajectory. Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam said that the Bitcoin price could double soon should more regulations keep entering the cryptocurrency industry.
“Growth might occur if we have a well-regulated space,” Behnam told attendees during a fireside chat at NYU School of Law. “Bitcoin might double in price if there’s a CFTC-regulated market.”
Bitcoin Price And Crypto Market Recap
Bitcoin has managed to remain at the top position due to its simplicity and complexity at the same time. Besides being the oldest digital asset, Bitcoin has been adopted by two independent countries from different continents as a legal tender. Thereby convincing investors and analysts of its long-term prosperity.
According to our most recent data, Bitcoin’s current price is $16,825.73. The asset is up approximately 3.4 per cent in the past seven days, although it has declined around 5.3 per cent in the last two weeks. The current amount of supply in circulation for Bitcoin is 19,163,906, with a total market capitalisation of $369,835,477,607.
One of the most widely used trading indicators, the Relative Strength Index (RSI), shows an oversold divergence on the weekly chart. Hereby indicating an imminent uproar in the near future.
The cryptocurrency market has seen major upholds in regulations from around the world. As more clear regulations enter the cryptocurrency market, cash flow from institutional and retail investors is expected to rise.
With the supply of Bitcoin steady at 6.25 Btcs per block and expected to fall by half every ten minutes by the next two years, the price trajectory is expected to remain on a programmatic bullish trend.
Meanwhile, Binance, the largest crypto market exchange by daily traded volume, has today activated the BUSD Auto-Conversion. What this means is that all other stablecoins will have to be converted to BUSD before trading on the Binance platform. This is expected to heighten the cryptocurrency security while bumping the cryptocurrency exchange’s daily traded volume.