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14th of November 2018

Economy



Bitcoin price news: Will bitcoin repeat $20,000 HIGH this Christmas? Latest BTC forecast

Bitcoin is currently trading at 4,922.30 ($6,438.04) today at 3.30pm GMT, according to CoinDesk.

The remarkably steady value of the BTC could surprise some who follow crypto markets closely.

Bitcoin's price has experienced extreme turbulence in the last 12 months, which witnessed its price spike to £4,586.97 ($6,000) in September 2017 and peak almost to £15,290.50 ($20,000) by December.

Another factor is BTC’s stability coinciding with a time of rising US interest rates, which have strengthened the dollar against many currencies.

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Historically, bitcoin has always had positive price movements during the months of November and early December

Raghav Reggie Jerath, CEO of Gath3r Web Miner

Raghav Reggie Jerath, CEO of Gath3r Web Miner, expects bitcoin prices to be in line with the predictions of the market model. 

He said: “Historically, bitcoin has always had positive price movements during the months of November and early December, so it is possible to see price settle around £5,735.25 ($7,500) to £6,499.95 ($8,500) range for the remainder for the year.”

Patrick E. Palacios, CEO of LoyalCoin, believes he will also see a modest increase in the price of Bitcoin in the range of £5,352.66 to £6,544.85 ($7,000 to $7,500).  

He said: “I do believe we will see a rise in bitcoin in the next few weeks and bitcoin will increase slightly to around $7,000 and $7,500.”

READ MORE: Will BTC reach £5,500 this month?

Bitcoin price news

Bitcoin price news: Could bitcoin repeat $20,000 high this Christmas? (Image: Getty)

Bitcoin price news btc

Bitcoin price news: BTC is trading at £4,922.30 on November 6 (Image: Getty)

However, bitcoin trader Abraham Merkin believes £4,587.99 ($6,000) could be a “hard floor” for bitcoin. 

The cryptocurrency expert does not think bitcoin will see any major price movement by Christmas.

He said: “The volatility we saw last year through the first quarter of 2018 is a thing of the past.

“Bitcoin will not hit $8,000 in 2018, and it might not reach $7,300 before Christmas given the current calm.”

Clement Thibault, a senior analyst at Investing.com, also thinks bitcoin prices will keep close to £4,587.99 ($6,000). 

He said: ”For now, it seems like the selling pressure keeps on pushing the price down.

“As for a bottom, bitcoin has maintained a hard floor at $6K for most of the year, which I would be surprised to see broken."

Related articles The 2017 bitcoin bubble:

Public interest in bitcoin and blockchain increased throughout 2017, causing a wave of buying. 

Investors began to enthusiastically pour money into what was widely perceived as a significant step forward in a new technology.

Warnings of a bubble became a reality at the end of 2017, causing prices to plummet as bitcoin’s value dropped up to 67% within two months. 

Some analysts believe the 2017 crash is the beginning of the end for cryptocurrencies, while others take a more bullish view. 

The turbulent period has led policymakers and regulators to take a closer look at digital tokens, with an EU finance team recently meeting to discuss the European Union’s view on crypto. 

Their report concluded there should be an EU-wide adoption of rules and regulations for digital currencies.

READ MORE: Will bitcoin hit $15,000 by Christmas?

Bitcoin price

Bitcoin price news: The relatively steady value of BTC has surprised some (Image: Getty)

bitcoin price today btc usd

Bitcoin price news: The price peaked to almost $20,000 in December 2017 (Image: Getty)

Several analysts and influencers have issued ambitious Bitcoin predictions that have all proven to be wrong and as the end of the year approaches many have revised their predictions.  

Ran Neuner, CEO of crypto investment Onchain Capital last week revised his Bitcoin prediction to “Nope, too complicated”.

Arthur Hayes, CEO of BitMEX, downgraded his 2018 bitcoin high forecast of £38,224 ($50,000) in 2018 to a more bearish view.

And Fundstrat analyst Tom Lee has also altered his bitcoin pivot points but he is one of the few analysts standing by his £15,285 to £19,107 ($20,000 to $25,000) prediction. 

As the bitcoin predictions and retractions continue, the SEC is expected to issue a statement regarding the status or their decision on nine Bitcoin-ETF applications.

READ MORE: Bitcoin price surge ‘IMMINENT’

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