Recently, Ramki Ramakrishnan, an international banker and treasury manager, who is also a contributor at Forbes, technically analyzed bitcoin’s recent fall with Elliott Waves.
Bitcoin’s Recent CorrectionOn Thursday, all the top 25 cryptocurrencies, including bitcoin, Ethereum, and Ripple, experienced a huge price fall. The average value drop exceeded ten percent in almost all cases. Both Ethereum’s and bitcoin’s market cap fell by billions of dollars, with BTC dropping to $37.4 billion and ETH to $28.9 billion.
However, one day later, on Friday, bitcoin recovered from $2,150 to $2,521, and is currently standing on $2,640 (as of Saturday 6:40 PM). Some people credited bitcoin’s tumble to Bitmain’s announcement saying that the network of bitcoin is at a high risk of being split. Although, analyst Nicola Duke predicted such a correction in May for both BTC and Ethereum. The analyst stated that bitcoin could experience a correction of 46.5 percent. Duke predicted that BTC’s price will go as low as $1,470, however, that drop did not happen (yet).
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https://www.cryptocoinsnews.com/international-banker-analyses-bitcoins-recent-fall/
