Oanda Sees Bitcoin Hitting $2500, Others Beg to Differ

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The total cryptocurrency market capitalization is now just around $130 billion according to coinmarketcap.

Over the past week, over $8 billion was lost in the crypto market, as many major cryptocurrencies as well as Bitcoin Cash (BCH) and Stellar (XLM) suffered. This also marked an 80% dip into its all time high.

Bitcoin price failed to break the $4,450 resistance and declined against the US Dollar.

An excellent example of this is Long Blockchain Corp, a company that switched from its iced tea business to crypto mining, at the end of past year, and then backtracked when the price of crypto started falling.

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In the last few days, however, prices have recovered from lows below $3,500 - possibly just bargain hunting after the sell-off, but potentially the start of a corrective rally, as the 14-day relative strength index (RSI) was reporting record oversold conditions a few days ago.

At the same time, in August Yale economists Aleh Tsyvinski and Yukun Liu have come up with a study showing that cryptocurrency markets move depending on the type of attention they receive.

While many mining pools are fast shutting down and taking their business elsewhere, smart investors who are willing to take bold risks can get these equipments at ridiculously low rates, and then cash in when the market rebounds.

What Caused The Price Recovery?

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A long-term bullish reversal would only be confirmed if and when prices clear the EMA, now lined up at $5,977.

Bitcoin price had experienced a correction which led to the price to rise above $4300. So far, Bitcoin SV has received over 70% of the votes m, whereas both Bitcoin and Bitcoin Cash only received 10% of the votes. "People were funding a lot of that by selling bitcoin, so one element of sellers has left the market".

Bitcoin, at its current low prices, has made mining for bitcoin unprofitable in many cases.

"When you hit near bottom, it changes people's perspective", said Alexis Roussel, CEO of Bity, a crypto finance platform. However, it is undeniable that this bullish streak has ignited a small spark in the community, encouraging traders and hodlers to become more involved in the ecosystem. The project will go live in January. But now, pretty much the entire cryptocurrency board has gone green, with the exception if Bitcoin Cash Satoshi's Vision (the currency that ironically had bucked the downward trend all week).

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At this time, Bitcoin is trading in green $4,327.16. One XRP is now priced at 0.00009324 BTC.

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