Bitcoin visits $11500 mark, a couple of times, but fails to sustain.
Multiple reasons contribute to hinder bitcoin’s bull run in the short-term.
Are the Bitcoin Futures Traders impacting Bitcoin price?
Bitcoin recently rallied above $11000 and successfully maintained above the mark amid some pull-back situations. In fact, it had almost anticipated touching $12000 levels post attaining $11600 mark. But unfortunately, it dipped below $11400 and still trending within these levels.
Bitcoin is priced at $11,348 with a gain of 0.23 percent in the last 24 hours. The most interesting catch was when the price again surpassed $11500 and dipped again below $11400 levels. Despite the positive environment in the crypto space with increasing hash rate and intensifying institutional adoption, Bitcoin is still in need of a major push that could take the price above $12000 levels.
As per Max Keiser, American Broadcaster and Bitcoin proponent, Bitcoin Futures Traders are manipulating the Bitcoin prices. They try to keep it low so that the institutional investors get a chance to acquire Bitcoins at the dip.
Moreover, he has also predicted a bitcoin shortage very soon where-in the retail market of Bitcoin could possibly evaporate. As the institutional investors tend to deal with the miners directly without any intermediaries. Coinpedia also reported earlier that only 2.5 million bitcoins are remained to be mined and the newbies would have a very less chance of owning a whole bitcoin.
When will Bitcoin go to the moon?
Bitcoin prices are usually influenced by the Bitcoin whales who hold the maximum share of the whole Bitcoin circulating supply. Therefore, the Bitcoin prices depend on the Whale’s holdings completely.
On the contrary, the beginners who are required to have a safe and secure trade are yet missing in the Bitcoin community. The rate of new traders entering the Bitcoin space from elsewhere has to be swelled in order to boost the Bitcoin prices.
Currently, the situation is Bitcoin is circulating within the space, means the funds are rotating within the Bitcoin community. No additional or new funds are being influx which is en-routed only by the new traders.
Therefore, the crypto space primitively is required to attract the new traders so enhance the demand which in turn would boost up the prices.
What do you think, Will Bitcoin reach above $12000 in 2020? Tag us with your answer.