It would appear there is very little to no positive momentum across the cryptocurrency markets right now. If the Bitcoin price is any real indication, things will not necessarily improve in the near future. With the value per BTC now on the verge of hitting $3,400, it seems there will be plenty of black snow during the Christmas holidays.
Bitcoin Price Continues to Drop Lower
The year 2018 has been very problematic for all cryptocurrencies, albeit that is not entirely surprising either. After the mega bull run in 2017, a massive correction was bound to happen throughout 2018 eventually. This current retrace is not fun to watch, but it’s not the biggest setback Bitcoin has encountered to date. In fact, there has been a bigger drop several years ago, and BTC came out stronger because of it.
Over the past few hours, there has been a fresh wave of bearish pressure to contend with. As a result, the Bitcoin price has dropped to just over $3,400, albeit it is very likely that support level will not remain in place for much longer. Despite the steady trading volume in place right now, it seems no real buy support is forming across the numerous exchanges offering exposure to Bitcoin. That in itself is worrisome, especially now that Bitcoin’s market cap sits below $60bn.
When looking across social media, it seems there isn’t too much panic to speak of. As Digital Mine points out, Bitcoin is still incredibly bullish when looking at it from a multi-year perspective. Despite this year’s retrace, the current value of BTC compared to just over five years ago is still 30 times higher. One cannot argue with those kinds of statistics, albeit they are often overlooked under the current circumstances.
— digital mine ⚡🤖👨💻 (@digital_mine_) December 11, 2018
A slightly contrarian view is offered by David, who is not too sure what will happen to the Bitcoin price next. In fact, the current price drop has spooked a lot of traders and speculators. While most people still believe there will be a new uptrend in the future, there are also those who aren’t too certain the price will reach $19,500 again in the near future.
1 YEAR AGO BITCOIN WAS WORTH $20.000
IT IS NOW WORTH 16% of that.
The people telling you that it will go back up are the same people that would have sold it they knew it was going to fall. #bitcoin
— David (@politicotab) December 11, 2018
Last but not least, one has to keep the most important aspect in mind at all times. Bitcoin is, despite claims by the media, far from dead. As such, there is a genuine chance a new bull run will materialize in the future. It may not be as spectacular as the one of 2017, but a slow and steady uptrend can do wonders as well. Current prices warrant taking a few risks along the way, but only when one can afford to lose this money if push came to shove.
— 4m4r1 (@iPrCaN) December 11, 2018
For the time being, there will not be a positive Bitcoin price reversal which will last for more than a few hours. That doesn’t mean this bearish pressure will remain indefinitely, but it is something to keep in mind at all times. This dip to $3,400 is very annoying to contend with, but other financial markets have seen their fair share of setbacks throughout 2018 as well. One can only hope the year 2019 will offer some stability first and foremost.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.