Is Bitcoin dead? Will Bitcoin recover? What is the current Bitcoin USD price live? Why is Bitcoin falling? These are some of the questions investors are asking. Suddenly, hope for a Bitcoin bull run short-term becomes bleak as BTC falls below the important $4,000 support. The flagship cryptocurrency crashed below the important support at $4,000 before the end of trading yesterday propelling traders to wonder if the Tim Draper Bitcoin price prediction 2019 that places the price of BTC at higher highs is false. All over the internet, traders are searching for answers to these questions and more; is Bitcoin dead? Will Bitcoin recover? What does the fall below $4,000 mean for the price of BTC? Why is Bitcoin crashing?
Is Bitcoin Dead? Will Bitcoin Recover? Expert Weighs In On The Bitcoin Price Action
As the price of BTC started to rise slowly against the USD, many industry leaders started offering Bitcoin price predictions 2019. In our previous Bitcoin price analysis, we said that the upcoming Bitcoin halving is one of the catalysts that is fueling a Bitcoin bull run. As the Bitcoin USD price live maintained the support at $4,000, there was hope that it would break out of the ascending triangle it has been stuck in for months now. However, yesterday, the price of Bitcoin crashed below this important level leaving everyone with the questions, why is Bitcoin crashing? Is Bitcoin dead? Will Bitcoin recover?
The $4,000 which was initially the support level has now become the resistance level and Bitcoin is having difficulty breaking it again. At the time of writing, BTC was trading at $3,962.67. This means that it is down by 1.63% against the USD. The trading volume over a 24 hour period is $10,253,372,608 and the market capitalization is $69,784,100,611 according to coinmarketcap.com.
Bitcoin (BTC) Price Today – BTC / USD
There is hope for Bitcoin. Historically, the price of BTC surges upward after trending sideways over an extended period. So, the fact that the BTC USD price live is below the $4,000 level doesn’t mean there is no hope for a Bitcoin. The founder of BitOoda, Tim Kelly, speaking to MarketWatch, talked about the Bitcoin price crash and what it means for Bitcoin. In his words;
“BTC’s feel at the very moment is that it wants to probe the recent highs and see how strong the resistance is sitting at the $4,200 level. Unless large buying volumes come into the market, probing is all we shall see at that resistance level. We believe it will take a serious force of buying to take those levels out to the upside.”
Many Bitcoin price analysts concluded that the key resistance for the Bitcoin USD price live is $4,200. As soon as Bitcoin crosses this level, we can confirm that the cryptocurrency winter is over. However, Bitcoin has failed to cross this key resistance on several occasions. This is why traders keep asking; is Bitcoin dead? Why is Bitcoin crashing? Will Bitcoin recover?
The quick answers to these questions are as follows; is Bitcoin dead? No. Bitcoin is not dead. Why is Bitcoin crashing? Bitcoin is trending sideways because it is preparing for a Bitcoin bull run. Will Bitcoin recover? Yes. Bitcoin will recover and the entire cryptocurrency market will recover with it. When Bitcoin will recover isn’t clear yet but if it doesn’t recover soon, it may fall as low as $3,200 medium-term.
What do you think? Is Bitcoin dead? Will Bitcoin recover? Why is Bitcoin crashing? Share your opinion in the comment section.