Bitcoin News: Not a shocker but still to utter disappointment for crypto enthusiasts, the foremost cryptocurrency, Bitcoin (BTC) has dropped again, losing over 47 % of its value in just a month.
While the experts claim that this crash is healthy for the market, crypto traders aren’t that enthusiastic about Bitcoin price in the short term. The token took off for a brief while and then dropped down to $3,200. BTC has fallen from about $6,360 to the current $3,311, losing 47% value in just one month. The token is currently mincing a daily trading volume of $4.35 billion.
With the BTC price point predicted to fall further, the crypto community has been dividing up into enthusiasts that are quite unhopeful and others who believe that the current crackdown is all for the tokens betterment.
The unhopeful ones
DonAlt, a crypto investor and trader asks suggests on his twitter to “stay away from longs”.
$BTC daily update:
Closed below the swing low – harsh rejection followed.
There isn't much support on the daily TF still.
So far prior support areas have flipped into resistance.
Until that changes – stay away from longs.
S: None until we start flipping R into S
R: 3425 & 3600~ pic.twitter.com/ijl5lO385m
— DonAlt (@CryptoDonAlt) December 13, 2018
Another popular crypto trader, The Crypto Dog also remains bearish about the current market condition and asks the bullish supporters to zoom out the weekly graph to gain some perspective.
$BTC lowest daily close year to date.
Is there still a chance of recovery before more lows? Well, maybe. But I am not betting on it. pic.twitter.com/d648tMNJ7H
— The Crypto Dog? (@TheCryptoDog) December 14, 2018
He added that the token is at the lowest daily close year to date and he doesn’t think the recovery is around the horizon, not before some more lows.
According to Jani Ziedins of CrackedMarket, the hesitancy of buyers means slow chances of growth as he explains,
“Bitcoin continues to muddle along in the mid-$3K range. The longer we maintain these levels, the less likely it becomes that prices are oversold and poised for a pop. The public has largely written cryptocurrencies off as a fad and no new money is coming in. The lack of demand will continue to be a big liability.”
Seeing the Silver lining
Eric Ervin, the CEO of crypto and blockchain investment firm Blockforce Capital, emphasis on the silver lining around the dark cloud and claims that this sell-off is healthy for the market,
“We think this is actually healthy. This really just takes us back to where we were in March or June of 2016 – about eighteen months ago – we had this big run-up and then this big blow-off, and now we have real people in the space building technology, building those on-ramps.”
Tom Lee, a renowned crypto bull steps a little bit further and emphasize that the current price point is undervalued.
“Fair value is significantly higher than the current price of Bitcoin. In fact, working backward, to solve for the current price of Bitcoin, this implies crypto wallets should fall to 17 million from 50 million currently.”