Is it Bear Market Again for Bitcoin or Is 4chan Anonymous User Correct Again with October $16K Prediction?

While analysts predict numbers for what Bitcoin price will be in the near or farther future, if we focus on the present the outlook appears uncertain due to the top cryptocurrency notorious high volatility experienced in the last few days.

Bitcoin (BTC) has always been very volatile and unpredictable by nature. Although believing the optimistic perspective is understandable, especially now that it has established more as a store of value and everyone expects it to grow considerably.

Yet, it never stops surprising us. 

Since 26th June of this year when we hit the highest value of nearly $14K after the December 2017 $20K all-time high, we hit a new bottom of $7,830 only a couple of days ago. 

That’s a 40% retracement and the risk is that we might experience a further drop, according to most experts, especially after the Bakkt launch failed to bring the expected positive impact so far.

Indeed the last few days of September, in coincidence with the Bakkt launch, suffered the major drops for the cryptocurrency, bringing down the other currencies too which had experience some frail but hopeful gains in the meantime.

The constant losses for a third consecutive month provide a bearish standpoint for the whole crypto market.

This outlook also reminds the period between February and October 2018, typically recognized as a bear market for the crypto space.

Bitcoin is currently trading at $8,253 with a market dominance of 67.6%, according to Coinmarketcap.

Ether (ETH) dropped from $223 on 19th September to $177 at the time of writing, marking a loss of about 20%.

Binance coin (BNB) experienced a reversal from its typical upward trend of 2018 as well, with its price falling from a price of $39.57 in June to a low of $14.84 on 26th September of this year.

Litecoin does not seem to recover from the losses experienced before and after the halving event and it’s now establishing at around $55 from a high of $126 at the beginning of July.

Stablecoin Tether (USDT), on the other hand, keeps recording high trading volumes and an increasing market cap that established it as the fourth cryptocurrency overcoming Bitcoin Cash for the first time, now sitting on the fifth position.

An anonymous account on 4chan had predicted Bitcoin price to be $5300 in April and $9200 in July. Both predictions were correct and it’s now expecting the cryptocurrency to hit $16K by the end of October. Everything can happen with Bitcoin so crypto enthusiasts are now wishing the account to be third time lucky too.

NordFX