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As was somewhat to be expected, the Bitcoin price is suffering from a massive sell-off all of a sudden. With the Bitcoin futures launch coming closer, things could have gone in either direction. No one is surprised to learn the market is effectively going through some big dips right now, and it will take some time for the Bitcoin price to recover. Coinmarketcap still depicts a BTC value of over $14,000. but that level will not hold whatsoever.
Bitcoin Price Woes Continue
After a very strong run toward $19,000 it quickly became evident the Bitcoin price would go through a correction sooner or later. While there is no massive sudden price dip to speak of, it is evident the sentiment has turned against the world’s leading cryptocurrency. What goes up in value in spectacular fashion must eventually come down as well, and Bitcoin is no exception in this regard.
More specifically, the Bitcoin price seems to come down in short but volatile waves these days. We have seen a  steep dip to $17,000 followed by a small leg up and then another push toward $15,000. After a few hours of upward momentum again, the price eventually dipped to $14,000. Over the past 24 hours, we have seen a few attempts to go as low as $13,000 but that has not been a successful venture as of yet. It seems to be only a matter of time in this regard.
Whether or not tomorrow will be a better day, remains to be seen. The Bitcoin futures markets will open officially, as the weekend is often a very problematic time for cryptocurrency trading. With a fresh mindset, we may see some major Bitcoin price changes in the future.Whether or not that is a positive or negative trend, remains to be determined for the time being. Speculation is running wild among Bitcoin enthusiasts, that much is certain.
Thanks to over $14.55bn in 24-hour trading volume, things are still looking pretty good for Bitcoin. The demand for the world’s leading cryptocurrency has not diminished whatsoever, but there is still a lot of negative pressure on the market as well. How all of this will evolve in the next few weeks and months, is anybody’s guess right now. The Bitcoin price predictions are still all over the place right now, and there is a chance to hit either $1,000 or $40,000 in the near future.
As one would expect, BitMEX has successfully maintained its position as the leading exchange by Bitcoin trading volume. Over $2.57bn worth of BTC has changed hands on this platform alone. Bithumb and Bitfinex are still duking it out for second place, although the South Korean exchange is clearly in the lead right now. Bitfinex has the lowest Bitcoin price of all top 10 exchanges right now, which is rather unusual.
There is an interesting end of the year ahead for Bitcoin price speculators. With this wake-up call behind us, we may see another push toward $19,000 in the coming weeks. At the same time, this may only be the beginning of a major correction, which pushes the price down to $10,000 or lower. Everything is possible in the world of Bitcoin right now, yet there is a very good chance to make and lose money at the same time.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.