Bitcoin just keeps slinking lower and lower on the financial totem pole, but some analysts say things are about to get a lot worse before they get better.
Bitcoin: About to Hit New Lows?
As it stands, bitcoin is trading for about $7,200 at press time. This is unfortunate considering just a few weeks ago, it was trading for almost $2,500 more. The currency has been experiencing so many drops as of late and nobody really knows why. All we can do is sit back and hope that things will somehow improve before the year is out.
According to YouTuber Tone Vays, the price of bitcoin could drop to $4,500 before the halving occurs next May. In a recent live video, Vays commented:
At some time before the halving, probably not in February time, so probably by my conference in Las Vegas… what I can foresee is that one final capitulation – like if we consolidate in this $7,500 to $9,000 range going into January and February – I can see a swift, like 50 percent, drop similar with the drop we had in December of last year.
A fall to that level would mean a lot of money and value lost over the next couple of months. What will investors do?
2019 has been a relatively mixed year for the world’s number one cryptocurrency. After spending the first three months in complete isolation and trapped at the $3,500 mark, the currency showed signs of recuperating from the previous year’s bloodbath and rose up to the $5,000 line. It stayed there throughout the month, eventually spiking into the low $7,000 range by the end of May.
Later, the currency experienced even more bullish behavior, eventually hitting $8,000, then $10,000, and finally $13,000 in mid-July. Many enthusiasts felt the bears had finally fled the crypto world and the numbers seen in 2017 were coming back. Bitcoin was returning, and there was nothing anyone could do about it.
Apparently, they were wrong. Eventually, bitcoin fell back down to the $10,000 range and hovered there for some time before falling back to the mid-$9,000 range in September. After that, it fell into the low $8,000 range upon the dismal introduction of Bakkt, which is doing well at press time but apparently needed a long while to get there.
It recovered somewhat and rose back into the $9,000 range a month later, but those losses have since been erased, and bitcoin is trading at its lowest point in roughly six months.
Another Spike Will Occur Later
Vays later added:
I can foresee something like that for the price of bitcoin if it falls from this $8,000 area down to $5,000 or may even hit $4,500, but then it’s back above $9,000 or $10,000 within weeks.
Thus, while the currency may hit new lows before the halving, the event could potentially cause another spike.