It seems that the bullish burst for cryptos has ended, or slowed down at the very least. Altcoin steam is sputtering, and there is no better signifier than the stagnant prices Dogecoin (CCC:DOGE-USD) saw on its own holiday yesterday. Now, the giants are hitting brick walls, including the omnipotent Bitcoin (CCC:BTC-USD). The leading digital currency has hit a few rough patches in recent days, and a new warning by JPMorgan is throwing the coin into turmoil once again, and hampering Bitcoin (BTC) price predictions.
Sunday saw a major drop in Bitcoin prices. The perpetrator of this crash was allegedly a power outage in the Xinjiang region of China, a huge crypto mining hub. Whether or not the outage caused the drop in hash rate that led to the selloff is up for debate. In fact, analysts have been clashing with each other over it ever since.
Regardless, the price still tanked to $50,000 from highs of $65,000.
The punches keep landing on the crypto this week. President Joe Biden and his administration is apparently working with the SEC on cryptocurrency regulations. This is not a good look for the asset class, as a crypto crackdown could continue to devastate an industry that went from running to limping overnight. Another blow comes from JPMorgan, whose report on Bitcoin suggests that if the currency can’t overtake its $60,000 50-day moving average, momentum signals will decay. The report suggests a bearish take on Bitcoin if it fails to recover from the weekend’s slump.
A Slew of Bad News Lowers Bitcoin (BTC) Price Predictions
Not all analysts are necessarily bearish on Bitcoin just yet; some have simply lowered their expectations. Let’s take a look at some Bitcoin (BTC) price predictions:
- The Economy Forecast Agency remains solid in its prediction even in the face of Bitcoin adversity. The site expects BTC to keep gapping up to the $100,000 mark by December.
- DigitalCoinPrice has lowered its bullish prediction to a still very positive $86,000 price tag by year’s end.
- InvestingCube expects investors to buy the dip, and predicts BTC will recover and resume its bull trend soon.
- Altcoin Buzz predicts that as long as prices hold above $50,000, we could see the currency’s value break previous record highs and continue past $70,000.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article.