The bear is going around and crypto courses have been falling on it since the beginning of this week. So today the Bitcoin course has breached another, psychologically important brand down. For the first time in 2018, the course of the King of the Cryptocurrencies fell below $ 5,000 last Sunday. At the Coinbase crypto market, the pair plummeted Bitcoin / US $ 4,950 before returning to $ 5,000. With that, Bitcoin had briefly reached a 13-month low. Over the course of the week, the price fell further and is currently trading only a few dollars above the important $ 4,500 mark. Market capitalization was also pulled down to $ 78.4 billion.
Experts disagree on what drives sales. Some analysts suspect that it is the uncertainty surrounding Bitcoin Cash's hard fork. Others see the continued failure of institutional investors as a reason to do so.
When the Bitcoin price crossed $ 5,000 last year, it did exactly the same, but for a different reason. So Bitcoin was massively sold at the time, as the crypto traders wanted to take profits. This was followed by the well-known all-time highs towards the end of 2017 and the beginning of 2018. It is to be hoped that this process will be repeated this year and that a high correction will follow the current price slump.
In general, the Analysts disagree on whether and when such a correction is expected. Mohamed El-Erian, for example, already predicted in June that he expected Bitcoin to settle at $ 5,000. Other experts rejected El-Erian's prediction at the time.
Cryptocurrencies are not “dead”
In an interview with Yahoo Finance, El-Erian later declared that cryptocurrencies were not “dead” , but maybe overrated. He recalled his June forecast and stated that speculation had led to the previous bull market. The subsequent buying spree was therefore unjustified.
Technical crypto analyst Willy Woo believes the Bitcoin price downturn is likely to continue until the second quarter of 2019. Only then will the market turn around and begin a long climb to new all-time highs. Woo recently tweeted:
“Assuming the view for the blockchain, I suspect it will hit bottom in the second quarter of 2019. After that the real accumulation band starts. Only then can we take the long and arduous way up. “
And last but not least, there are many experts who anticipate further heights for Bitcoin. These include the billionaire Tim Draper or John McAfee. One must also remember that the crypto markets and Bitcoin have already suffered significant price drops in the past. This has always been positive, as the young industry has survived everything and has always emerged stronger.
Sources: Forbes, Yahoo Finance, Twitter, Pixabay
Author: Peter Joost – Source Post: https://www.kryptovergleich.org/newsflash-bitcoin-kurs-faellt-auf-unter-4-600-usd/
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