- Bitcoin is sidelined below $3,400 amid a weak bullish trend in the market.
- Dalius’ predictions are not unfounded as per the past performances of Bitcoin.
Bitcoin is the King of cryptocurrencies. First because it was the first crypto to be introduced following the publication of the Satoshi Nakamoto whitepaper. Second because it commands more than half of the market value. Bitcoin currently has a market cap of $60 billion and a 24-hour exchange trading volume of $4.6 billion. It is sometimes not easy to introduce digital assets to people who are green in the crypto industry without mentioning Bitcoin.
This year Bitcoin has reduced in valued in comparison to the all-time high recorded in December 2017. The asset has this year been described using adjectives like plummeting, crashing, nosediving among others. These words are warranted by the carnage that has kept the asset down for most part of their unable to recovery in spite of predictions that it could hit $25,000 by the end of $2018.
The market is currently gloomy and sorrowful with both bull traders and investors anxiously waiting for a reversal. Bitcoin has recorded new annually lows and continues to grind lower towards these lows.
Meanwhile, it is encouraging to know that there are people who believe that despite the unstoppable downtrend, Bitcoin will see a reversal and a bull rally in the near future. Many experts and analysts in the industry reckon that Bitcoin has bottomed out and that a reversal impends. However, some say that the bottom is yet to be reached and is expected in the $2,000 to $2,500 range. At the moment, Bitcoin is sidelined below $3,400. The trend is slightly bullish at the time of press but it is not clear how up we will go from here.
For Eric Dalius, a cryptocurrency and real estate investor in Tech Bullion reckons that the Bitcoin has the power to fight for a reversal. He also says that there will be a bull rally, although the biggest question is when. Dalius advices investors to take advantage of the market trend and diversify their portfolios. This advice might not be received well by most investor who have seen altcoins reduced in value by 90% since their all-time highs.
Suggested reading:
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