Bitcoin is down and mostly altcoins are also down following the digital gold. On November 21, the trend line went below the figure of $8,000 and from then BTC did not get success in making dive above this figure. Will Santa Claus be proved as fortunate for the cryptocurrency? Let’s dive, what are the potential possible factors that can help the price to go up.
Reaction of china over Cryptocurrency
China being one of the world’s economic hubs and the populous country has a significant influence over the fate and familiarity of the blockchain and cryptocurrency. The current reaction of China about the Bitcoin is not very supportive but they are working on the blockchain as the Chinese president himself stressed over the development of the blockchain.
If the cryptocurrency gets a green signal from China, then it will easily go above the mark of $8,000 before the beginning of the next year. But there are very fewer chances of this and BTC may not able to free itself from the bearish forces before 2020.
Potential Reasons that might pump the Price
However, there are some other strong factors which can help to show some big move from the coin. A very giant company called Amazon shows support for digital gold and cryptocurrencies, which is good news for the crypto community.
Recently, the government of Greece announced that everyone in the country has to spend 30% of his income online which will automatically increase the adoption of Bitcoin. It is reported to Tokenhell that the weekly trading volume of the Bakkt is increasing in December which implies that institutional investors are taking an interest in bitcoin.
There are some analysts comparing the current behavior of the trend line with 2018 and expecting a breakout pattern. The breakout pattern will drag the value from the current level to above $10,000.
Currently, the Bitcoin is standing at $7,100 with a minimum change in the past 24-hours. And the major altcoins are also showing a similar pattern.