South Korea’s Warning Sent Bitcoin Lower Yet Again

Bitcoin is decidedly lower today and is currently changing hands below $14,000. 

During the past 5 sessions, Bitcoin has never closed below $14,000 even though it did hit the intraday low of $10,400.  From the technical analysis perspective, closing below $14,000 today does not look good for the Bitcoin bulls. 

South Korea could be partially blamed for today’s drop.  South Korea said it was weighing its options including a potential shutdown of some cryptocurrency exchanges to eliminate the frenzy of speculation.

An analyst predicted yesterday that Bitcoin could trade between $6,500 and $22,000 in 2018 accompanied by four “crashes” with at least 40 percent price drops.  That is a very wide range, isn’t it?

What is your prediction?  Where will Bitcoin go from here?

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