Sunday, August 18, 2019

Bitcoin Threatening to Retest December Lows

Bitcoin might once again visit the lowest nadir it set in 2018, as analysts suggest BTC might fall below $3000 very soon.

Visiting Past Lows

The beginning of the year started with a new fresh optimism for cryptocurrency traders and Bitcoin enthusiasts, but a month into the New Year and the rays of optimism are gradually disappearing. At least for now.

When Bitcoin broke below the $3500 mark about two weeks ago, a few predicted it would continue its journey down to $2000 and finally bounce back from a bottom: only for the cryptocurrency to surge above $3500 24 hours later. A significant number of analysts were still skeptical, however, maintaining that the cryptocurrency is still unstable and volatile as ever and might well fall below $2000 if circumstances remain the same.

Two weeks after and Bitcoin is already languishing below the $3500 mark, and fears of an impending much lower bottom are already cropping up. From plummeting down to $1000 or maintaining its current fluctuating range, analysts and influencers are divided.

As at 10:40 am EST today, the price of Bitcoin dropped to $3,376.46, its lowest since December 17, according to bitcoin price data. Other digital currencies, as usual, dropped along with BTC’s valuation, as major cryptocurrencies and altcoins continue to display strong correlations with the price and market capitalization of Bitcoin. Even Ripple’s XRP which have been suggested as the first ‘top’ digital currency capable of breaking out of the ‘correlating hold’ of BTC followed its peers as nine out of the top ten digital currencies by market capitalization dropped into the red, following fluctuations in the past 24 hours.

Related Article:  Cointelegraph Ranks "Top Players" in Cryptocurrency and Blockchain

Divided Opinions: Optimists versus Realists

The volatility of the cryptocurrency market especially as pertaining to Bitcoin continues to generate differing views. While some traders and experienced analysts claim the recent persistent downturn of Bitcoin’s market capitalization is only part of its expected fluctuation within an acceptable range, others are claiming an impending bottom, and extremists are predicting a sharp plummet to below $1000.

Popular analyst, Mati Greenspan of social trading platform, eToro agreed with CryptoCompare’s CEO Charles Hayter who said the fluctuations of the market were still usual and normal behaviours and no cause for alarm. Greenspan echoed similar sentiments:

“There’s no need for overreaction here. Bitcoin is continuing to trade within the core area of support between $3,000 and $3,500, within the broader range of $3,000 – $5,000, where it’s been since November 2018.”

However, Jon Pearlstone, publisher of the familiar newsletter, CryptoPatterns, shared a different view.

“If $3000 does not hold,” he said, “that breaks a key technical support level from 2017, and much lower prices come into play.”

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