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The Future of the Bitcoin Market is Up in the Air

There is a lot of commotion in the crypto market as the closing months of the year approach. The expectation of a bull run is countered by equally hyped adverse views towards the value of cryprotcurrencies. The two opposite camps maintain an uneasy balance of optimism and skepticism that results in overall uncertainty.  Unfortunately, this guessing game is keeping the market sterile, prices suppressed, and trading volume low.

Low Trading Volume

A steady decline in market volume for the past ten months indicates that investor’s interest is fading.  Multiple media sources report that Coinbase, the leading crypto exchange in the U.S, is shutting down its index fund marketed to accredited investors. The reason cited by sources familiar with the situation is the failure to reach sufficient clients and money.
Today, UK Bank Barclays also announced that it is postponing a project to explore crypto products and infrastructure to add to its business citing the same reason.
This is a concern for all expecting that institutional investment will rally the market to all time highs.  In particular,  the upcoming BAKKT custody exchange will be affected if it too fails to gain enough traction and interest. The hopes and dreams of most retail investors lie in the success of the Bakkt exchange. A failure of the exchange to produce the expected results will virtually guarantee an extension of the bear market well into 2019 and beyond.


Bad press also contributes to create a defeatist profile of Bitcoin.  Prominent economist Nouriel Roubini, an avid critic of cryptocurrencies, testified before Congress this week and bashed the Bitcoin ecosystem calling it “The Mother of All Scams.” This as any other piece of bad news didn’t go unnoticed by the public and it was reflected in the market downtrend.
In fact, the media is highly influential to the direction the market takes on during high volatility. Good news drive prices up, and bad news drive it down. So crypto analysts are suspect of manipulatating prices for special interests. These factors combined will extend the bear market. Though volatility is reduced, the market remains unstable and with the exception of Tron, there is no appreciable gain in the value of any coin.


There is no way to predict the market with any degree of certainty. Currently, trading analysis (TA) of the market indicates that it continues on a declining wedge unable to break out of the $6,800 resistance line. And while there is sufficient support to prevent further decline, a dip below  $6,000 is still possible. Especially if the bearish trend continues and trading volume remains low. For now, the future of Bitcoin remains anyone’s guess. There are signs to justify a break out just as much as there are signs to predict yet another downturn

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