The bearish market has been ongoing for a while now. All attempts by the bulls to regain stamina in the market have been futile. Even when they do cause a spike in price, the price falls before any sustainable changes are made. Before this current downtrend, Bitcoin enjoyed price stability for months as it hovered around the $6500 level. Different analysts have aired their opinion regarding the future of Bitcoin. While some are optimistic and hoping in a price increase, some still believe Bitcoin hasn’t bottomed out. Part of the report from Bloomberg is as follows:
“Bitcoin isn’t boring anymore. It will fall as low as $1.5k”.
Bitcoin (BTC) Price Today – BTC / USD
According to Bloomberg, Bitcoin hasn’t reached its bottom yet. In fact, there is still enough room for the price to fall as they have predicted that $1.5k is the ultimate low. From the current price, this means that Bitcoin will fall by another 70% if this prediction comes to pass. In the report, Bloomberg cited Travis Kling, the founder of a hedge fund. They claimed that the turmoil in the cryptocurrency market did not allow him to sleep well. Travis said:
“There is a chance that something bad will happen during this Bitcoin Cash Fork that will impact the market as a whole”.
The intelligence analyst at Bloomberg, Mike McGlone, said that the recent turmoil in the market was as a result of the Bitcoin Cash Fork. According to him, there was a price pump two weeks ago that got players interested in making long trades. He believes that the best market is enduring and everything would get better soon.
This bear market hasn’t just affected the price of cryptocurrencies. It has done much more. It had affected miners and mining hardware manufacturers. One of the largest GPU manufacturer in the United States, Nvidia, said that it has experienced a significant drop in the number of sales. The GPUs used for cryptocurrency mining aren’t fast selling any more. Investors are worried. Most of the ones who just entered the market are counting their losses and selling off.
Rob Sluymer, the global advisor at Fundstrat wrote a note to client encouraging them not to give up hope. In his words:
“It will take weeks and even months for Bitcoin to recover from the technical damage that was caused by the price collapse”.
In another note the co-founder of Fundstrat, Tom Lee, said that he is reducing his initial Bitcoin price prediction from $25,000 to $15,000 considering the current market conditions.
Bitcoin (BTC) Price Analysis Today
This week the price of Bitcoin (BTC) fell as low as $5,200 against the USD. After that, a short-term consolidation pattern that had resistance at $5,550 started. It’s possible that a price correct will happen this week above the $5,880 level. However, getting back to $6,000 will take a lot of effort from the bulls. The fall from $6,300 was quick leaving the market in a state of shock.
At the time of writing, Bitcoin (BTC) was trading at $5,590.27. This shows that it is up by 0.96% against the USD. The trading volume over a 24 hour period is $4,089,037,553 and the market capitalization is $97,170,591,840. It will most likely continue to trade in green today.