Bitcoin Price Forecast – Lingering Effects of China
By far the biggest news in September was that China would no longer allow initial coin offerings (ICOs) within its borders. On top of that, the country has alienated several key coin trading platforms that have said they will be leaving the country in the near future. With a huge swath of consumers now effectively being closed off to BTC, the Bitcoin price forecast has been relatively muted lately. Or at least, it has not been experiencing the massive booms and falls that we’re used to in the cryptocurrency market.
Bitcoin is trading at a hair below $3,800 as of the writing of this article, and has been fluctuating between $3,700 and $4,000 since the news dropped early- and mid-September about China’s plan to regulate ICOs.
What this means is that the market is wary and watching, unsure of what moves to make next as China finalizes its regulations. The BTC price is usually determined by one of two things: A major breaking news event, or a rush of investors sending the Bitcoin price skyrocketing.
At the moment, the Chinese development has been the only major event in the past 10 days or so, and therefore has had the most profound effect on Bitcoin prices in September. Of course, that could easily change and BTC is anything but easy to pin down.
My Bitcoin price forecast for the immediate future is that I expect the coin to remain stuck in the $3,700 – $4,000 range for the near-term, while I’m still confident that it will pass $4,500 by year’s end.
What Bitcoin needs now more than anything is to get out from under this Chinese shadow hanging over its head. That could take the form of bullish news coming out of another major market, a cryptocurrency breakthrough, increased trading volume, etc.
What BTC prices need is a shot in the arm to remind investors that the coin is still one of the hottest buys of the year so far. When it passes the resistance it is meeting at the $4,000 threshold, I expect it to then inch steadily upwards for the remainder of 2017 with the caveat that a major news event could send Bitcoin speeding along—up or down.
Also Read: Bitcoin Price Prediction 2018: Should You Invest in Bitcoin?