The king of cryptocurrency Bitcoin (BTC) is not showing any better signs, and now the analysts believe that Bitcoin price is headed towards a make or break moment.
The Chief Executive Officer of ADVFN, a financial market website, thinks that the crypto industry is in the search for its killer app. He stated that Bitcoin could either develop into the prime currency for digital assets or become trivial.
The crypto analyst believes that Bitcoin’s market is like a risky play, which may reward you if you’re good at playing it, else it would lead to you owning no dollars instead of a hundred thousand dollars ($100,000) or more.
Bitcoin price broke off the below eighty-five hundred dollars ($8500) range on the 9th of October to enjoy two days of trading above the same mark.
During this time, Bitcoin price the highest at eighty-seven hundred and forty dollars ($8740) before falling back down the below eighty-five hundred dollars ($8500) range.
Bitcoin price stands at eight thousand three hundred and twenty-four dollars ($8324.14) mark, at the time of writing.
Bitcoin price movement: What to expect?
Clem Chambers has said that he will not sell his Bitcoin assets, as his plan includes buying and holding onto the crypto assets, while he buys more at a lower price.
The crypto analyst has predicted that if the cryptocurrency’s price drops below the seventy-five hundred dollars ($7,500) mark, another big price drop will follow.
But he thinks that recovery of Bitcoin’s prices will allow BTC to reach back to its all-time highs, and surpass the ten thousand dollars ($10,000) mark.
Chambers seems rather optimistic about the matter while he believes that the cryptocurrency will soon run past the twenty thousand dollars ($20,000) price mark.
The crypto analyst said that timing Bitcoin’s market has proved to be very tough for most Bitcoin traders, and especially the people who miss out on Bitcoin’s volatile jumps.
Chambers explained that it’s generally troublesome for people to get back into the play of Bitcoin’s market once they risk missing out on Bitcoin’s boat, but once someone gets their grip on this game of market timing, they can easily profit a lot on their assets.
Conclusively, Bitcoin’s market timing is very difficult due to the cryptocurrency’s highly volatile nature.