Bitcoin has fallen almost to 30% in the month of November and is giving hints for more losses. Still, there are certain prominent figures of a crypto market, who believe that the digital currency will recover in some way or the other. The Crypto Trader from CNBC, Ran Neu-Ner said that the crypto currency market is at the peak of being bearish but still there is no reason to panic about it. He even made a prediction that the low level was near, which could easily allow people to re-establish their long hauls in Bitcoin along with other assets of the crypto currency.
Analysts from all over the crypto currency segment had earlier made an assumption that $6000 was the potential bottom figure for bitcoin. Last week on Thursday, Bears managed to break the above-mentioned level. That ultimately led to the shift of many preconceived ideas about the supports for Bitcoin. There were some who even made the prediction that it would suffer a crash to be at a low of $4500 before it makes a correction. The crypto currency market mainly consists of investors, who are in the retail segment. So, they are prone to emotional trading and hence react to these kinds of predictions. The Founder and CEO of Binance, Changpeng Zhao went on to highlight this problem and hence requested the community to stay away from reacting to Bitcoin bears. He even reminded exactly how bitcoin, since its inception, has gone through similar kinds of wild fluctuations, finally to emerge once again as a winner.
John McAfee also came up with his pro-crypto view. He compared the current biases of the bears with a harsh winter and predicted of a strong correction on the upside purely based on the historical price action of Bitcoin. On one hand, where the bulls of Bitcoin attempt to infuse some confidence in the market, Bitcoin is already in the process of suffering a free-fall. Everyone’s eyes are now set on the launch of the Bakkt trading platform in December, which is backed by ICE. If it turns out to be bullish, then the decision of SEC on Bitcoin ETF will be the only catalyst for the time being, which would let the Bitcoin move up on the higher side.