Following the significant Bitcoin price growth to nearly $500 last week, it went down sharply on November 10-11. Just a few days ago, the Bitcoin price faced the first wave of decline to the $370 - $390 level. During the last 24 hours, the price lost almost 20% on all major cryptocurrency exchanges and dropped to as low as $308 on some of them.
One of the reasons for this downward trend could be a significant reduction of Bitcoin trading volume on the market. On the other hand, there are theories about speculation on some of the Chinese exchanges and information that the recent Bitcoin rally could be caused by growing activity of Sergei Mavrodi’s and his Pyramid Scheme “MMM” in China.
Experts forecast
Several cryptocurrecy experts have shared their opinion about the recent Bitcoin price “rise and fall” with Cointelegraph:
Ronny Boesing, CEO of CCEDK:
“It may have something to do with people realizing that bitcoin may have been pumped in connection with the MMM scheme. [The Bitcoin price can be] around $310 end of day, and end of week Sunday $275. That’s my bet.”
Vladimir Dubinin, CEO of Distributed Lab:
“The price fluctuated around $220-230 for a long time. I expected it to rise to $300, because in terms of technical analysis, the market has already tried to reach this level several times. After the $300 was passed, the next big goal of $400 was taken very rapidly and reached the peak of about $490, which is now a new psychological high. My prediction there will not be a large number of sellers at the price $320-330. Therefore, the price won’t fall below $300. One way or another in the nearest future the price will try to get back to the recently reached level of $400."
Martin Repetto,CEO of Voxelus:
“The falling price of Bitcoin has many selling or diversifying into other digital assets. With Voxel still priced in Bitcoin - and the best prices still available for larger purchases for the next ten hours - this makes it a great deal.I believe it’s going to settle in $300 area.”
At the moment of this article's writing, the BTC price fluctuated at $318-333.