Farmer Bluntz, whose prediction that the bitcoin price will drop in 2018, shared a tweet suggesting that BTC could see $ 12,000 very soon. In his tweet, Bluntz said that Bitcoin is moving towards this year’s highs.
Bluntz’s prediction for Bitcoin came after the downtrend seen in BTC. Bitcoin, which continues to trade at $ 11,300, has yet to surpass the $ 11,750 threshold, even though it has surpassed the lows it saw last week. Analysts think the drop in Bitcoin is due to the latest news feeds on the OKEx exchange.
Bitcoin Could Approach $ 13,000 Soon
Estimating that Bitcoin will drop below $ 3,200 in 2018, analyst Farmer Bluntz said that BTC has formed a significant breakout pattern and could soon reach over $ 12,000. In the chart he shared on Twitter, he said he predicted that Bitcoin would soon rise to $ 12,000 and then price near $ 13,000.
Feeds Don’t Parallel to Predictions
According to the Bitcoinist report, short-term news feeds do not move in line with the prediction shared by Bluntz. Especially with the interrogation of OKEx exchange founder Xu Mingxing by the police and the complete cessation of withdrawals in the stock market, there was a high amount of declines in the stock market. Bitcoin lost $ 300 in value within two hours of this news. Analysts expressed their concern that more regulations will come to Bitcoin, which is on the decline with this news.
In addition to OKEx, it is said that the lawsuit between the crypto exchange BitMEX and the USA may decrease the Bitcoin price in the near future. It was alleged recently that BitMEX deliberately did not comply with anti-money laundering laws (AML / KYC) and violated banking law. With the lawsuit filed by the USA, the Bitcoin price fell sharply. According to CoinMarketCap data, BitMEX, which has lost 45.9% trading volume in the last 24 hours, is considered as an exchange with high volume and influence among crypto money exchanges, so analysts state that this may have a negative effect for BTC.