Bitcoin set to rebound
Open demo account
FOREX trading implies serious risk and can result in the loss of your invested capital

After plunging by nearly 15 percent recently, bitcoin seems to have found a floor and has rallied more than 5 percent in the last 4 trading sessions andand some say this may be a good time to get in for the inevitable return of the recent bull run.

From a technical level, there had been some worrying patterns developing on the charts for the world’s most popular cryptocurrency and once this came to the forefront a sharp move in the price was always a possibility

“Bitcoin had been due a price break for some time," said analyst Simon Peters.

"Since reaching $14k back in June, the crypto asset has been making 'lower highs' and 'higher lows', forming a 'symmetrical triangle' chart pattern converging towards an apex. Generally, this pattern precedes a breakout either higher or lower, and this is what we saw yesterday." He added.

Mr Peters noted that at current prices, it may be time for a long position as the fundamental factors to own bitcoin remain strong and the big backers of bitcoin won’t be too concerned about the recent fall

Global uncertainty surrounding the trade war between China and the US ias well as the deadline for Brexit approaching at the end of the month may be another reason investors seek out alternative assets such as bitcoin as a safehaven

 “Now that Bitcoin is now trading below $8,500, it could become an attractive proposition for investors who want to buy the dip. Fundamentals such as hash rate remains strong, and adoption of crypto is still moving forward at pace. With those conditions in mind, we could see the price rise back up to $10,000 within the space of the next month.” Peters added.

 

The material published in on this page is produced by the FIBO group companies, and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

Analyst

The world of trading has no boundaries

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 58% of retail investor accounts lose money when trading CFDs with this broker. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

IMPORTANT: Please be informed, that our services are available for Professional Clients only. Our website is currently under review for the implementation of the correspondent amendments.

Important notice
By clicking "Continue" you will be redirected to the website operated by FIBO Group, LTD company registered in BVI and regulated by FSC. Please familiarize yourself with the Customer Agreement through the link. Click "Cancel" to remain on this page.