Tuesday, December 04, 2018

Bitcoin is close to capitulation

Bitcoin is close to capitulation

Bitcoin is close to capitulation

That the wave of mass disappointment quite close I am sure Chris Buchen, an analyst at online trading platform IG.

In a recent interview with the financial times, he said that the leading cryptocurrency is close to the"moment of surrender". This will happen at a time when a critical mass of investors will start to leave the market, launching unpleasant for its holders cycle of depreciation and new sales.

Other experts also support Analytics. For example, when last week, the bitcoin exchange rate reached $ 4,000, Genesis trading CEO Michael Moreau said that the cryptocurrency is likely moving to the "bottom", to the mark of $ 3,000.

Experts believe that bitcoin is now actively drained by those who bought it before the jump in 2017. Moreau calls the two problems that were leading to massive sales. First, traders convert Fiat to digital gold to get some profit. Second, to reduce losses if the exchange rate of bitcoin will dive even lower.

According to Buchana many investors were happy to keep your bitcoin portfolio, when the rate was around $ 6,000. But they were absolutely unprepared for the $ 4,000 mark and below. According to him, such investors "are likely to take the money and run away from the market." Buchen also added that during the last week in IG observed a 20 percent rise in short positions on bitcoin.

Now the first cryptocurrency is in the red zone and shows a daily drop of 2.50%. BTC is trading at a price of $ 4,036.

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