Bitcoin (BTC) and other digital currencies in the market have once again shown that they have the ability to make a dramatic comeback after an enormous decline. The world’s largest digital currency by market cap is currently testing the $6,500 hurdle point after plunging down to the $6,200 level on September 8th.
Looking at the second largest digital currency in the world by market cap – Ethereum (ETH), a couple of analysts had already announced the extinction of the digital currency as its value plunged to the $170 level on September 12th. The value of the digital currency, however, has surged higher, and it is now trading close to the $220 mark after amassing gains of more than 15 percent over the past twenty-four hours.
Bitcoin (BTC) Price Today – BTC / USD
Has Bitcoin (BTC) Tested Its Last Low for the Year?
Bitcoin (BTC) is the leader of all the coins in the market, and its direction sets a trend for other coins in the market. Bitcoin (BTC) recently declined to $6,200, and a lot of people hopes for this to be the last low the digital currency will test this year as the digital currency seems to have started a bull run which many expect will take the value of the coin to its previous levels.
Before It Gets Better, It Might Get Worse First – Willy Woo
On September 9th, Willy Woo – expert Bitcoin (BTC) analyst – said that before it gets better for BTC, it might get worse first. In a post on Twitter, Woo said, “People prepare for it, that Bitcoin (BTC) might break below the $5,800 level and experience some free fall. Saying that the next support for the digital currency is $4,900, which will slow down the decline, but the $4,400 mark is the major line of defense for the coin.”
The recent market plunge was ignited by the news that Goldman Sachs is ditching its plans to launch a trading desk for Bitcoin (BTC), which was declared ‘fake news.’ Nevertheless, with the decision of the U.S SEC on a Bitcoin (BTC) ETF filed by CBOE which is scheduled for September 30th, the market might see an over-reaction on or before the D-day.