Bitcoin In Danger? Cryptocurrency Down To 50% In Just Few Months Range

Virtual currency Bitcoin tokens are seen in this illustration picture
Virtual currency Bitcoin tokens are seen in this illustration picture, December 8, 2017. (Photo: REUTERS/Dado Ruvic/Illustration/File Photo)

Many have already joined the cryptocurrency. Some opt to invest in Bitcoin as prices can go up. However, since January, the value has remained in a relatively tight price range. From $3,200 to $4,000, it was unable to get away from the key defiance levels above $4,200. Since the month of September of November, Bitcoin has maintained relatively low volatility. It ranges to $6,100 to $6,700.

Now, it has a huge drop since the cryptocurrency showed an extended period of stability. The drop has reached almost half of the value, form $6,000 region to $3,122. Some of the traders have already suggested that Bitcoin could face a vulnerable situation. It can go through a down-side movement if this cryptocurrency cannot demonstrate momentum in the near-term, according to CCN.

 Back in 2018, Bitcoin has already shown its downside after falling the near half fall. However, during that period, the belief in cryptocurrency as an asset slowly declined. Thus, investors are still recovering from the 85% correction of the crypto market.

Furthermore, the $6,000 Bitcoin downfall is already 70% coming from its peak of $20,000. Most of the investors are confident that the asset has not yet hit its rock bottom. Over the past five corrections, BTC has more likely to drop by around 85% on average, coming from its all-time high to find a bottom to introduce an accumulation phase.

As for the cryptocurrency technical analyst that has an online alias as "Hsaka" mentioned that, when zoomed out, the price chart of Bitcoin demonstrates the resilience of the asset. It is from the steep corrections and its ability to recover in longer time frames.

 As follows, Jeff Sprecher who is the chairman of the New York Stock Exchange, previously said that regardless of the several long-lasting bear markets and the emergence of the cryptocurrency with seemly better technology, Bitcoin will always find its way to survive time and time again.

As follows, Sprecher said, "Somehow bitcoin has lived in a swamp and survived. There are thousands of other tokens that you could argue are better but yet bitcoin continues to survive, thrive and attract attention." He added that ICE will continue to build an infrastructure that will surround BTC through Bakkt. It is the regulated cryptocurrency exchange, according to Forbes.

 In line, back in 2015, in a span of four years, Bitcoin has frequently recorded a high yearly low. Thus, if the assets follow the trend of its historical performance, it is more likely that BTC will remain above the yearly low of 2018. Thus, by the year's end, it is $3,200.

© 2019 Business Times All rights reserved. Do not reproduce without permission.
Sign Up for Newsletters and Alerts