The drama of digital marketing continues as Bitcoin and other cryptocurrencies see great fluctuations in trading. Many analysts have been right in their assessments, others wrong but what is notable is the quick and regular turn around of the direction the market goes. What we are seeing is nothing new and clearly isn’t a clear indicator of where the coin is heading.
Maxine Boonen, CEO of over-the-counter (OTC) made mention of transactions that signify a particular result. She believed that such a move could be reflected in trading. She said:
Futures and our own activity indicate that speculators expect to see lower prices in the short term. She added, one particular hedge fund sold us $20 million of bitcoin today and they have usually been right.
Denis Vinokourov of Bequant, a broker company for cryptocurrency investments shared his views as well. He said:
A break below $6,500 will likely lead to another round of liquidations and send the price towards the $6,100 to $6,200 area.
Vinokourov who heads the research for the firm also shared this bit of advice, he added:
For the bulls, a break below will be particularly painful. There really isn’t much support until the $5,000 zone. This cautious tone is supported by a shift in the futures curve.
It is clear that all information given is based on the habits of traders and investors when they see a heavy dip by Bitcoin. However, it remained to be seen if the currency will drop much further.
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