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  • The Bitcoin Price Continues To Look Bearish Dipping Below The $45K Mark
  • An opportunity to buy BTC At A Relatively Cheap Price Before An Expected Recovery
  • Cryptocurrency Markets Still Facing Uncertainty After Last Week’s Flash Crash

The Bitcoin Price has continued to appear rather weak after last week’s flash crash where it lost well over 10% from its tri monthly high of $53K. The situation continues to remain uncertain with further bearish sentiment over the short-term period although a recovery may also be expected as investors pile into the market.

It appears that the El Salvador Bitcoin mess derailed the market quite considerably. To add insult to injury, it also appears that the El Salvador government managed to increase its Bitcoin holdings at a cash discount as the price descended to close to $40K on Tuesday. The Bitcoin price has been rather sluggish since, where it recovered to $47K after a day or so but then went down the road, settling at around the $44,600 price. That’s a 3% decline over a 24-hour period.

If you haven’t yet bought some Bitcoin, you should take a look at this How To Buy Cryptocurrency Beginner’s Guide.

Short Term Prediction For Bitcoin Price: Some More Downside Before The Recovery

Although there seems to be considerable negative sentiment around the Bitcoin price at the moment, the prediction is still bullish overall. BTC is still up by around 25% from the July 20 swing low of $29,800 although it has lost over 20% from its tri-monthly high of $54000 reached just on 6 September.

The fall has been pretty brutal over the past days but a bullish thesis could still be on the cards. If this scenario were to materialise, then the Bitcoin price would possibly regain the $48K mark where it would encounter the first point of resistance. If that were to be broken, Bitcoin would probably tag the psychologically significant $50K mark but there is considerable resistance here too.

If the bearish scenario were to continue, then the Bitcoin price would probably continue falling and settle at around the $42K level. That would be a considerable retracement from the $54K level of almost 25% and would signify weakness in the market that could lead to a further sell off.

If you’re interested in trading some cryptocurrency, then take a look at these Top Cryptocurrency Brokers.

Long Term Prediction For BTC Price: Still Bullish Although Possible Stumbles Remain

Over a long-term period, the Bitcoin price appears to be heading for new highs although the present situation does not indicate that. There are several predictions that BTC could continue to appreciate and even reach the $100K level although these may seem rather far-fetched.

Situations like the recent one with El Salvador could prove to be pitfalls on the road to greater gains. The overall uncertainty in the global economy as well as the regulation issue may seem to be a spook on the Bitcoin price but unpredictability is also one of Bitcoin’s key strong points.

Where to Buy Bitcoin

If you want to purchase BTC, you can do so on the following exchanges:
• eToro
eToro is one of the trusted exchange platforms in the crypto space. eToro supports copy trading, which allows new traders to learn from market experts. eToro also charges low trading fees and commissions.
• Binance
The other platform where you can buy Bitcoin is Binance. Binance is one of the largest exchange platforms. It supports a wide range of cryptocurrencies and trading pairs. It also offers user-friendly features.

Looking to buy or trade Bitcoin now? Invest at eToro!

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