[Bitcoin price increase]
In the past 24 hours Bitcoin has been rallying to settle at the USD 18,000 mark.
November 30th (Korean Standard Time) As of 9AM KST, BTC has seen a growth of 2.36% or USD 18,183 by market cap in the past 24 hours. Accordingly, the total trade volume was USD 31 billion with a total market cap of USD 336.8 billion.
According to Aayush Jindal Eung, an analyst at NewsBTC, a news media outlet specializing in crypto-currency, states that if Bitcoin cannot rally past the USD 18,000, then USD 18,250 mark, there is a possibility it will be headed on another downward fall. In this case the first support line is around USD 17,400, and anything below this mark will most likely be around USD 16,800, and down to USD 16,200 for anything that falls even lower. In contrast, he goes on to say that if btc can push through the 18,000 mark, it is most likely to even push past the 19,000 mark and all the way up to USD 19,500.
Furthermore, he added that if private investors can bring up the numbers past USD 18,210.77, BTC/USD pay can climb up to 19,459.22. If this scenario comes to fruition, then it may even be restored to its legendary status of USD 20k and up. However, it’s a slippery slope if it happens to go on another downward slide past the USD 16K mark at which point any hopes for another strong rally is lost.
Even in the midst of Bitcoin’s unpredictable movement, there is still a strong school of optimists who anticipate positive results. Case in point, a recent global macro investor and CEO of Real Vision Group, Raoul Pal, stated through an interview with Cointelegraph that due to sizable institutional investments, a conservative outlook by next November could be anywhere from USD 150K up to as high as USD 250K
Major Altcoins as well as Bitcoin have turned around to make up for its recent fall. As previously mentioned, in its ascent, severe fluctuations will continue to persist. However, as long as it still maintains upward mobility, its growth will be explosive to the last moment.
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