Where is the price of bitcoin heading?

Where is the price of bitcoin heading?

After reaching annual highs of around USD 14,000 last June, throughout this month the price of bitcoin had dropped to some USD 8,000 for each unit, with some stability.

However, for some analysts there are indicators that the value of the cryptocurrency in the market will have a significant variation very soon, even though this Wednesday the price fell to just under USD 7,500, losing more than 7% compared to the price With which the day began. This occurs even when there is a significant increase in institutional interest towards investment in bitcoin derivatives, such as futures in CME.

Major losses in sight?

Wednesday's price movement seems to validate the position of the cryptocurrency ecosystem analyst, Tone Vays. Interviewed by Block TV News, Vays said Tuesday he was not convinced of an upward trend, despite the previous rise that brought the price to USD 8,500 in mid-October.

In contrast, Vays predicts a drop below USD 7,700. He even dared to foresee that the price of bitcoin would, in the short term, be just above the USD 7,000 zone.