The world’s flagship crypto, Bitcoin, seems to be falling, in line with Issac Newton’s most popular law which states that “Whatever goes up must surely come down.”
The most popular crypto asset had lost over $1,200 in value some hours ago after trading as high as $27,200 yesterday.
READ: Bad times for XRP, as Coinbase suspends XRP trading
What you should know about the Bitcoin price flux
- After topping record-high gains, Bitcoin encountered heavy selling pressure above $28,300.
- Unable to sustain its extremely rapid upward trajectory, the largest cryptocurrency fell to lows of $26,500.
- At the time of drafting this report, Bitcoin’s volatility ensured that no firm market direction was in control as it fluctuated around $27,100.
- Regardless of the prevailing drop witnessed at the flagship crypto market, Bitcoin is still on track to record its best monthly winning streak in more than a year after, breaching the $28,000 level over the weekend.
- Recall that some days ago, Bitcoin reached an all-time high of $28,365 before pulling back some of its gains, thereby printing an enviable run of outsized returns over three months. So far, this is the longest winning streak seen since mid-2019.
READ: Top 5 peer-to-peer exchanges to buy Bitcoin
Also, a leading crypto expert, Willy Woo, via his Twitter handle, hinted that Bitcoin’s price could still rally higher on the bias that the “inventory depletion on spot crypto exchanges has stopped, signifying the re-accumulation phase of this macrocycle is likely to complete. If this cycle mimics the last, inventory on exchanges will increase here on in as retail starts entering in large numbers, attracted by the price rises.”
READ: BTC hasn’t had 5% daily move for 24 straight days
Inventory depletion on spot exchanges has stopped, signifying the re-accumulation phase of this macro cycle is likely complete. If this cycle mimics the last, inventory on exchanges will increase here on in as retail starts entering in large numbers, attracted by the price rises. pic.twitter.com/WmSB4VKgoJ
— Willy Woo (@woonomic) December 26, 2020
READ: Bitcoin drops $900 after hitting a lifetime high
In addition, Jesse Cohen, senior analyst at uk.investing.com in a note to Nairametrics spoke on the outlook for Bitcoin in the coming year;
“I expect Bitcoin to remain highly volatile to the downside in the new year, given the potential for more scrutiny and tighter regulation. That should see prices fall back from their record highs, with the prospect of increased regulation being the most important factor affecting Bitcoin in 2021.”
However, as it gained more than 300% in 2020, many crypto experts wonder if BTC can continue such gain in 2021.
READ: Most profitable asset in a decade, Bitcoin up over 26,600,000%
