Bitcoin Price Might Drop in the Coming Months

Rich Indians Buying Bitcoin

Bitcoin faces the third monthly loss during 2019.  The price trends of Bitcoin are on track to test $9,000.  The Bitcoin would end August on a negative note while having suffered injuries in July and January.

It is expected that the BTC might drop in the coming months to $7,400, considering the 200-day moving average.

At the time of reporting the news, Bitcoin was trading at $9,580.  With the sharp drop in price, the recovery of the Bitcoin is not around anywhere in the horizon.

Jim Wyckoff, a trading veteran with more than 30 years of experience in the traditional markets, opines that the bulls might feel more pain in the short-term.

Wyckoff points out that the bears have at last managed a downward price trend on the 1-day price chart.  If bulls should be back in charge, the Bitcoin should surge above $10,100.

The wealthiest of India are likely to choose Bitcoin versus the Altcoins.   They are beginning to consider digital currencies as suitable investments.    The super-rich in India decides to invest in real estate.  However, the current trend per statistics is that 30% of the rich Indians are interested in Bitcoin.  However, 50% of the Indians have stated that they are not aware of Bitcoin or the Virtual Currency. Of note, private currencies have been entirely banned by the Apex court of India.

While it is a generally accepted fact that Bitcoin is the most dominant in the cryptocurrency market and the best of all, several other cryptocurrencies are doing their rounds in the market.

A logical question doing the rounds is about why we have so many different types of cryptocurrencies when we have only one internet.  We have different fiat currencies because they are used in various nations and serve a different purpose.

However, Bitcoin, Ethereum, and each of these cryptocurrencies do different things.  Understanding what makes one different from the other is the key to knowing what the most valuable asset is; when the primary need for cryptocurrency came to:  send money over the internet safely without using a bank.

Bitwala, CTO Benjamin James states, “Once you have an account, you can seamlessly integrate your daily banking activities — whether in Bitcoin or Euro — into your everyday life.”  This, he stated when explaining about onboarding customers directly within the app. Thus, users will be able to instantly buy and sell Bitcoin from their bank account using integrated Bitcoin Wallet and Trading.


Marjory Lewis

Marjory is a science graduate with interest in new technological innovations. She has been attracted to blockchain from the very beginning and covers bitcoin and blockchain news for Bitcoin Journal.

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