BITCOIN PRICE - 20,000$ SOON

Since December 17, the bitcoin price has been on a continuous decline, falling from $19,900 to $5,980 at its yearly low. While the bitcoin price has seen two mid-term recoveries and corrective rallies, both failed to test two major support levels at $12,000 and $10,000.

MARKET THEORY
Recently, a group of cryptocurrency researchers and traders suggested that the bitcoin price has began to fall from its all-time high at around $20,000, on the same day the bitcoin futures market of CME and CBOE launched.

The group of traders claimed that through the futures market, institutional investors and large-scale retail traders manipulated the market to cash out short contracts by purchasing and selling massive amounts of bitcoin in a correlated manner.

As seen in the chart above, the initial correction of bitcoin in December led the price of BTC to fall from $19,900 to $6,000, by more than 69 percent. The second correction that occured on March 5 resulted in a drop from $11,800 to $6,500, by around 44.9 percent, and the third correction pushed the price of bitcoin to fall from $10,000 to $7,300, by 27 percent.

It is entirely possible that the premise established by the group of cryptocurrency traders is correct and that large-scale investors have in fact manipulated the cryptocurrency market. But, if it has been the futures market that affected the price of bitcoin over the past five months, it is completely legal to do so and it remains unclear whether similar manipulation strategies can be prevented in the long-term.

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