Bitcoin price analysis: BTC/USD dropped to lowest level since April 12; Bears claim victory, but bulls don't give up yet
|- Bitcoin crashes below 50% Fibo, worsening the technical picture.
- Market players have opposing opinions about Bitcoin's future.
Cryptocurrency market is attempting a recovery after Tuesday's sell-off. Bitcoin, the world’s biggest digital currency, is changing hands at $7,567, losing 4.5% since this time yesterday. BTC/USD reached the lowest level since April 12 and broke below $7,683 (23.6% Fibo), which makes the short-term picture really gloomy.
Bitcoin's market value dropped to $128.5B, while trading volumes jumped above $6B.
Jani Ziedins from Cracked Market says chances are that the worst isn't over yet.
"Last week’s $9k support has turned into this week’s $8k support. And thus far it is giving every indication that $7k will become next week’s support. I hope you see the trend here. Cryptocurrencies are still very much in a downtrend and we should expect lower prices. It takes most bubbles between 6 and 24 months to finish bursting. If bitcoin is like most bubbles, that means the worst is still ahead of us and we should expect lower-lows over the next few months," he wrote in his blog post on Monday. And, probably, his forecasts might come true sooner than expected.
Meanwhile, hardcore bulls are not so easily scared out of their positive forecasts. For example, Tom Lee from Fundstrat still expects that one Bitcoin will cost $25,000 by the end of the year as insitutional money starts flowing in. John McAfee shares similar opinion, urging investors to look at the price movements in perspective as Bitcoin is still over 200% higher than a year ago.
BTC/USD, the daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.