The end of the year is not looking good for the world’s biggest crypto asset. Recently, Live Bitcoin News produced an article asking if bitcoin would somehow repeat its November 2018 behavior. As things currently stand, this doesn’t seem too far off the mark.
Bitcoin Has Crashed Again; Could Things Reverse Themselves Soon?
While the currency isn’t likely to drop into the $3,000 range over the next two months, we are now seeing bitcoin trading at $7,400 – a massive loss of $800 over the past 24 hours alone. The sentiment is that Mark Zuckerberg’s testimony before a congressional committee has to do with the sudden fall, but this is only temporary. The testimony will last a day – perhaps a little longer – and then everyone will get on with their merry lives.
Sadly, some are wondering if the cryptocurrency will be the same again. While 2020 still presents a lot of potential options for the coin, we still have just over two months to go until the new year rings in, and a lot can happen during that time.
As mentioned, bitcoin isn’t likely to lose $4,000 in value during this period, but it could potentially repeat its 2018 maneuvers in that it could continue to incur falls over the next 60+ days and not exhibit anymore bullish behavior until 2020 appears. Thus, it would repeat the trend of one year ago.
The currency fell into the mid-$3,000 range in November of 2018 after it had been trading for roughly $6,000 during most of the summer. It took about five months for the currency to recuperate, and we finally began noticing small changes beginning in April of 2019. This was when the currency jumped into the $5,000 range.
From that $5,000 came $6,000. Then $7,000. Then $8,000. Eventually, bitcoin saw itself trading for just shy of $14,000 in late June, marking the highest it had been in well over a year. This is all fine and dandy, but when one considers this mark, the currency has lost nearly half its value in just over three months. This is not only a bad sign; it also shows just how quickly bitcoin can crash.
The Currency Can Drop Quickly, but 2020 Is Right Around the Corner
Then again, we probably already knew that. After all, the currency was trading well above $16,000 at the start of 2018. Within just a month, it had fallen into the $9,000 range and spent the remainder of the year working to fix itself… It can be argued that it never did.
So, will the end of 2019 bear the same ugly marks for bitcoin that we thought had finally ceased? Considering how much bitcoin lost just over a year ago in the space of one month, anything is possible. We’re just hoping things reverse themselves once Zuckerberg’s testimony is good and done.