Bitcoin News: The cryptocurrency ecosystem is going through a rough patch amidst its latest drop. Bitcoin (BTC) has fallen to levels that were not seen since early 2017, while other altcoins are following suit, trading down 90% or more from their highs. Though market analyst does not believe that bitcoin has bottomed till now, it will fall even further.
The plunge in BTC’s value initiated in late-October, by early-November it failed to stabilize above $6,500 sparking a gradual decline. However, the Bitcoin Cash hash war pressured the whole market and BTC began a sharp decline from November 13th. Though the cryptocurrency market experienced a lull, throughout the year, analysts were expecting and predicting a year-end high similar to that 2017 bull. The twists of events have now pushed them to re-evaluate their presumptions, and monotonously agree that BTC must drop even further in order for it to establish a bottom.
Michael Moro, the trading chief at Genesis Trading and Genesis Capital, echoes the same sentiment in an interview with CNBC’s Squawk on the Street, he stated:
“You really won’t find [the floor] until you kind of hit the 3K-flat level. It’s really difficult. There are small levels of resistance. We’ve seen the 4,000 level get tested twice now in the last couple of days, but I really don’t think there’s too much in the mid-3s.”
Furthermore, Moro suggests the investors, to only invest in the market if they are truly committed to the long-term success of Bitcoin, as before the next high, the token will go through a significant amount of turbulence.
The chief market analyst at Think Markets U.K, Naeem Aslam, agree to the sentiment and believes that BTC will bottom around $3,500. Aslam explained:
“Bitcoin is likely to move even lower after a failed attempt to break above the $4,700 level. The regulatory environment is suffocating the bulls and the bears are going wild. It is likely that the price may touch the level of $3,800 or even $3,500 if the current momentum continues.”
Another analyst, Jani Ziedens, an analyst at CrackedMarkets, told Market Watch:
“Look for the selling to continue over the next few days, but a bounce off of $3.5k-ish that returns to $5k is likely. While that doesn’t sound like a lot given the latest tumble, a bounce from $3.5k to $5k is a nearly 50% payout for just a few days of work. This is not for the faint of heart, but there will be nice rewards for those willing to jump aboard the inevitable bounce.”
Read more: Crypto Bull, Tom Lee Revised His Bitcoin Price Prediction From $25,000 Down To $15,000
Bitcoin Bulls have seemingly pinned all their hopes on the new year. To back their predictions they cite that the increasing institutional interest like Bakkt and Fidelity could reverse the downward trend.
Interestingly, amongst the various reasons listed for the current market downward trend, Bakkt’s postponing the release of their Bitcoin product to January 24th, 2019, is also included. Bearing that, the analysts happily pin the eventual release as one of the reasons that will bring an overwhelmingly positive impact on the markets.
Another important turn of events is expected when one of the world’s largest traditional brokerage firm, Fidelity Investments, will launch an institutional-aimed cryptocurrency investment platform. Touted to go live in 2019, the platform will aid in inviting an influx of institutional funding into the cryptocurrency markets.
Moro mentions in his discussion with CNBC, that:
“This is about the fifth or sixth 75 percent-plus drawdown that we’ve seen in the 10-year history of bitcoin. And so if you have that [long-term] lens, I don’t believe institutional investors really ultimately care where the price of bitcoin ends in 2018 simply because they’re looking at things three to five years out.”
Pinning their hope for a brighter and better 2019 in terms of Bitcoin positioning, Vinny Lingham, co-founder & CEO of Civic, claims that BTC and Altcoins’ Market Cap Will Be In The Trillions. Bitpay CCO Sonny Singh paints a similar scenario as he predicts that BTC Will Jump Between $15000 to $20000 In 2019. While some are very positive, some believe the bearish market will stretch much longer, Tone Vays, a trader, a Bitcoin enthusiast and influencer, thinks it Might Last Until Summer Of 2019.
Read more: Amidst The Price Crackdown, Google Trends Bitcoin Interest Hit Its Highest Since April
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