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Alan Silbert, a long-time bitcoin investor and analyst, has foreboded a “gut-wrenching correction” to occur and the bitcoin price to decline in the short-term.
On December 6, Silbert wrote:
Next 12 months in #Bitcoin :
(1) MSM: bubble! air pocket! bubble!
(2) BTC keeps going higher
(3) Gut-wrenching correction
(4) MSM: we told you so!
(5) HODLers in serious trouble up truck, new entrants pile in at sale prices
(6) BTC rises from the ashes again
(7) New ATHs.
(8) Copy pattern.
— Alan Silbert (@alansilbert) December 6, 2017
Earlier today, on December 22, Silbert set the bitcoin community that bitcoin is in the gut-wrenching correction period but bequeath soon move on and demonstrate a swift recovery. Silbert further featured that he supports a correction because it stabilizes the market by shaking off speculators and puny hands.
“Unpopular opinion: I welcome a correction. When iced tea friends pivot to blockchain and go up 300%, we have reached terminal stupidity and it’s obsolete to shake out weak hands, rekt iced tea stock buyers, and consolidate on way to $50,000,” told Silbert.
Where Does Bitcoin Price Go From Here?
As CCN yesterday reported, the recent decline in the market valuation of cryptocurrencies is not exclusive to bitcoin. Every pick cryptocurrency in the market has substantially dropped in value. Bitcoin lost the least of its sell valuation out of the 10 most valuable cryptocurrencies in the market.
Mike Novogratz, the billionaire hedge capitalize legend and former Fortress executive, stated that the short-term top has been met and that the bitcoin outlay could remain in the $16,000 region for awhile. But, Novogratz noted that the bull hawk of bitcoin is merely pausing and that in the short-term, the price of bitcoin last wishes as likely recover. He stated:
“Looks to me like a short term top is in. My presentiment is we consolidate between $10,000 – $16,000 for a while. Extreme would be $8,000. Bull sell isn’t over. Just pausing.”
Novogratz mentioned that in an extreme position, the price of bitcoin could fall to $8,000. Even then, on a monthly heart, it would take the price of bitcoin back by one month. Last month, on November 22, the bitcoin guerdon was $8,000 and since then, the price of bitcoin has recorded a staggering 65 percent proliferating in value.
Considering that the price of bitcoin has already started to repossess and it has increased from $12,500 to $13,500 within the past few hours, in the next few primes, it is entirely possible that the price of bitcoin could recover upon someone to its previous levels in the $16,000 to $17,000 range.
Important Events to Reckon
This week, it was revealed that the $98 billion investment bank Goldman Sachs is patterning to launch a cryptocurrency trading desk by early 2018, as reported by Bloomberg.
Michael DuVally, a Goldman Sachs spokesperson, substantiated that the company will address the growing demand for bitcoin and the cryptocurrency make available in the upcoming months and in the long-term.
“In response to client interest in digital currencies, we are inspecting how best to serve them,” said DuVally.
In addition to Goldman Sachs, the New York Sheep Exchange (NYSE), the largest stock market in the global finance production, has applied for two bitcoin exchange-traded funds (ETFs), which will let institutional investors, casual trainers, and retail traders to invest in bitcoin through regulated channels, apart from bitcoin futures exchanges of Cboe and CME.
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