Shared from the website cryptocoinnews.com
Recently, Ramki Ramakrishnan, an international banker and treasury manager, who is also a contributor at Forbes, technically analyzed bitcoin’s recent fall with Elliott Waves.
Bitcoin’s Recent Correction
On Thursday, all the top 25 cryptocurrencies, including bitcoin, Ethereum, and Ripple, experienced a huge price fall. The average value drop exceeded ten percent in almost all cases. Both Ethereum’s and bitcoin’s market cap fell by billions of dollars, with BTC dropping to $37.4 billion and ETH to $28.9 billion.
However, one day later, on Friday, bitcoin recovered from $2,150 to $2,521, and is currently standing on $2,640 (as of Saturday 6:40 PM). Some people credited bitcoin’s tumble to Bitmain’s announcement saying that the network of bitcoin is at a high risk of being split. Although, analyst Nicola Duke predicted such a correction in May for both BTC and Ethereum. The analyst stated that bitcoin could experience a correction of 46.5 percent. Duke predicted that BTC’s price will go as low as $1,470, however, that drop did not happen (yet).
What do you think guys ???
at some point prices will go that low and even lower, but probably not before it go much higher first. just my 2 cents.
I write about cryptos, gold and silver. Here is my latest: https://steemit.com/bitcoin/@hgmsilvergold/us-dollar-weakness-is-driving-higher-bitcoin-and-ethereum-prices
thanks for sharing your views !!! @hgmsilvergold
followed and upvoted