Well, it happened folks. Bitcoin – the world’s number one cryptocurrency by market cap – has sunk below its long awaited five-figure, $10,000 line. After more than a month of trading higher than it’s been in a year, the currency has sunk massively and is now trading for about $9,900 even.
Bitcoin Sinks Below $10,000
This is well over $2,000 less than where it was just a week ago. Back then, the currency was rising beyond the $12,000 line and it looked like maybe, just maybe the currency was going to retain this momentum. For once, it really looked as if the currency was going to sustain its present bullish sentiment and keep its strength in check.
Sadly, it was not meant to be. It seems like whenever bitcoin spikes heavily, it’s bound to fall again in the coming days or weeks. There’s something about these high numbers that bitcoin just doesn’t appear cut out for. It’s not fair, it’s not pleasant, but it does seem to be the case.
There is some sort of curse meandering about the bitcoin space as of late considering every single day, the asset drops more and more. Just yesterday, Live Bitcoin News was warning readers that analysts were concerned about the bitcoin price falling even further. They thought that if bitcoin were to drop below $10K in the coming weeks, things would really reverse themselves. The coin would potentially fall into a bearish trap that it would have a rather hard time getting out of.
Now that this dreaded number has occurred, what is next for the cryptocurrency? Will it sink even further into oblivion? Will the currency fall back towards $7,000 or lower like it did near this time in 2019? We’re witnessing a barrage of repeat behavior when compared with last year. The asset rose to $13,000 in the summer, though by the end of 2019, the currency had lost more than $6,000 in price and was trading at a rather lackluster price.
Still Hope for the End of the Year?
So, will 2020 conclude with the same results? Will we witness bitcoin trading for $7,000 or $6,000 again? Will it retreat to where it was at the beginning of the year? It’s always a shame to see the world’s primary cryptocurrency make so little progress over the span of several months. As we all remember, bitcoin was trading in the $7,000 range in January. By March, it had fallen into the $5,000 range due to the coronavirus spread, though three months later, the world saw BTC trading for $10,000.
It would be a real shame to see all these gains rapidly wiped away in the coming months. Perhaps there is still hope in that the U.S. presidential election is heating up, which as we saw in 2016, tends to send BTC into a bullish price whirlwind. Maybe there’s still hope.