bereajoy：Not The 2018 Bear Market, Bitcoin Price Could Hit $20,000 In December
The Bitcoin price rebounded off the low of its current range and retraced its weekend losses. The cryptocurrency might climb back to the previously lost territory, but uncertainty is king in the current market conditions.
As of this writing, Bitcoin is trading at $16,400. In the last 24 hours and last week, the price recorded a 2% and 4% profit, respectively. Other cryptocurrencies in the crypto top 10 are following, but Binance Coin (BNB) and Dogecoin (DOGE) are leading the bounce.
The High And Lows, Is There Hope For The Bitcoin Price?
Investment firm Cumberland posted a market update highlighting the uncertainty in Bitcoin and other cryptocurrencies. The nascent asset class is trading in a range after experiencing massive sell pressure amid the collapse of FTX.
In this uncertain and low liquidity environment, with FTX and its market maker Alameda Research out of the picture, the Bitcoin price will likely trade sideways. During the holiday season, the crypto market will see another decline in liquidity, leading to volatility and crab-like price action.
However, Cumberland believes there are catalysts to see a move into fresh lows. The FTX collapse triggered a contagion effect across the industry. Many companies and projects relied on the crypto exchange and its venture arm.
Thus, these companies are vulnerable and might be unable to continue operations. The market is already seeing this effect with BlockFi’s chapter 11 bankruptcy filing. Many wonder how many companies will take a similar measure in the coming weeks.
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