A few days ago, a report proposed a fresh potential breakdown of Bitcoin prices in terms of USD in the exchange market, after the prices had broken out of the hypodermic trend, it was moving in. From then, the price of Bitcoins had fallen by a significant amount of approximately more or close to $7000. Unfortunately, for traders, the trend in this fall in price might continue even further. I have reached this conclusion after studying the analysis which had been proposed by the report. The figure below can assist you to understand what is happening in the Bitcoin exchange market.
According to the graph, we can observe the trend in which the price was rising and it ultimately reached a circumstance, where it was increasing by following a hypodermic trend. However, within the last few number of days, prices had started to fall and it had fallen by, as stated above, an amount which is approximately $7000 USD. However, in my opinion, traders are likely to lose their sound sleep as prices are likely to drop further. This means that many traders or people who had bought Bitcoins might lose their confidence in the currency itself and end up selling it to the bulls of the exchange market of this developing cryptocurrency market, as they might feel that they might end up incurring a loss if they wait till prices start to rise again in the near future as the current condition of the market seems to be quite unstable. On the other hand, even if prices continue to drop further, I am hoping that we will get to see the currency gain its strength back when the prices are floating in a range above $9900 and below $10000. It is highly expected that the prices will experience a bounce and ultimately start to rise further till it reaches a point of stability and also gains its value back. When it happens, the market must tread carefully and decide the ultimate fate of Bitcoin. This raises a question on whether prices will continue to fall further or will it be able to persevere in such market conditions and break out of this falling trend, leading to an increase in price again. Even if the market is able to reach the potential consolidation period, traders and other users of the currency should expect to see a continuation in the trend of falling price levels because the market has just reached the point where they were able to break out of the price range in which distribution and trading were taking place simultaneously.