There is a Chance of Bitcoin Falling to $3,000 Before Starting a Bull Run

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According to expert researchers, Bitcoin will continue its downward trend and reach $3,000 or even a bit lower before the beginning of a new powerful cycle. The price of Bitcoin has experienced a big rejection at this resistance, meaning it will harshly decrease very soon. There is also a chance that BTC may get into bear traps after reducing in value to $3,000. Furthermore, the number of Bitcoin shorts has slightly declined and it can be interpreted as the loss of hope of most retail traders.   

As for a further huge drop, the probability of going below $2,000 is currently low, however, most people are anticipating exactly this outcome. The point is to take a short position on Bitcoin when the market price has been constantly falling during a couple of weeks seems quite a bad idea. It can be compared to buying the virtual coin when it has been increasing in price for a while. As a result, such traders, who have adjusted to particular conditions of trading, will have to pay for it.   

“Regulators are gradually waking up to the fact that they cannot countenance large expensive-to-trace transaction technologies that facilitate tax evasion and criminal activity. At the same time, central banks from Sweden to China are realising that they, too, can issue digital currencies…When it comes to new forms of money, the private sector may innovate, but in due time the government regulates and appropriates,” former IMF Chief Economist and current Harvard University Professor of Economics and Public Policy Kenneth Rogoff said regarding the future of bitcoin.   

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/there-is-chance-of-bitcoin-falling/