Among the issues plaguing bitcoin this year are the ongoing unwillingness of U.S. regulators to approve bitcoin-related exchange traded funds as well as data indicating that mainstream acceptance and adoption of the digital currency are declining.
“Aside from extreme views by bitcoin bulls and bears, the overall trend is that bitcoin will see more headwinds in 2019,” reports Kitco. “Bitcoin seems to be stuck in a bear market as cryptos wrap up a very disappointing year, said Kitco’s senior technical analyst Jim Wyckoff.”
Bitcoin volatility, which ebbed significantly earlier this year, could continue doing so if the cyrpto’s price’s continue faltering.
“The bitcoin space has already seen lower volatility from August to November after prices fell below $8,000,” according to Kitco. “Another bottom for prices could be $1,200 next year, according to U.S. Global Investors CEO Frank Holmes, who cited legalization challenges as the main obstacles holding cryptocurrencies back.”
For more information on the cryptocurrency market, visit the Bitcoin category.