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The price of bitcoin showed a minor correction following the achievement of a new absolute record in November 5, from over $ 7,500 to $ 7,270 over last 24 hours.
Yesterday, CCN reported that the price of bitcoin officially reached a new historical record at $ 7,598, with a bullish trend triggered by the arrival of institutional and private investors the traditional financial industry.
Specifically, an NCC report revealed that investors in two important bitcoin markets in Japan and South Korea, well known for being too conservative with their investments, have begun to convert to bitcoin and the market. cryptocurrency.
"In Japan and South Korea, two regions of Asia known to have extremely conservative investors and traders, have seen an exponential increase in demand for bitcoin from local traders." In an interview With Nathaniel Poppers of the New York Times in October, Korbit's founder and CEO, Tony Lyu, pointed out that once people are invested in South Korea, they encourage others to join the group. 'Feast' (19459009) .
Is a minor correction beneficial for the medium-term bitcoin price trend?
Clearly, the demand for bitcoins from institutional and individual investors in major regions like the United States, South Korea, Japan and Europe has increased at a rapid rate during of the last month, probably because of the the bitcoin exchange market and its increasing liquidity.
However, the price of bitcoin has increased substantially over a relatively short period, with the price of bitcoin having jumped from $ 4,400 to $ 7,598 in the last 30 days. This is an increase of more than $ 3,100 in the price of bitcoin within a month.
Many analysts, including Fundstrat's Tom Street strategist Tom Lee warned investors about a correction that is long overdue. The price of bitcoin has gone from $ 4,400 to $ 7,598 without minor corrections in the last four weeks, which should be considered an unstable price trend even with the exponential growth of bitcoin.
Historically, minor fixes helped bitcoin stabilize its price in the short term and regain momentum to launch new rallies. With the launch of the CME bitcoin futures exchange by the end of this month, the price of bitcoin could reach a new historical record in the coming weeks, despite the expected range on November 16th of SegWit2x. But several prominent experts, including the creator of Litecoin and former Coinbase leader Charlie Lee, have pointed out that the range could lead to a major correction of the bitcoin price, if investors reallocate their bitcoin funds to other crypto- alternative currencies.
Will SegWit2x cause a major correction?
Lee noted that many investors could have migrated their funds from altcoins to bitcoin to get the SegWit2x or B2X chips after the hard end of November 16. If this is the case, Lee expects the bitcoin price to fall at the fork.
I'm 99% sure that after the B2X hardfork, BTC will come back on LTC & altcoins and pump it up. But do not sell BTC b / c I want a free drop. ??♂️?
– Charlie Lee [NO2X] (@SatoshiLite) November 5, 2017
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