By
Chimamanda U. Martha
April 25th, 2024
Bitcoin is continuing its way to the bottom having reached a new lowest mark since October 18, 2017. It is believed that it will fall further.
While we all still remember Bitcoin record heights, recently it has established its new year record. But it’s better to say “anti-record”. The world’s largest cryptocurrency by market cap has fallen to its new year bottom.
New Year Low
Earlier today, Bitcoin has fallen to $5,165 which has become its new lowest mark since October 18, 2017. In the framework of its down trend, its market cap dropped to a low of $89.74 billion.
According to the data provided by Coinmarketcap, at the press time, the leading cryptocurrency is traded for $5 162,45 having lost more than 7% over the time period of the last 24 hours.
On June 11, Bitcoin dropped to $5,750. But after that it was rather successful in defending the established $6,000 support level. At the same time, BTC trading in the exchange market remained rather high which ensured sufficient trading volume. Since that time $6,000 is considered to be a resistance level for the major cryptocurrencies.
Possible Scenario
In the context of such changes crypto gurus are trying to predict what will happen further. For example, Crypto Rand, an experienced crypto trader and analyst, made a forecast that BTC would be traded for $4,800 – $5,200. In his opinion, this variant is especially possible if BTC doesn’t manage to reach its resistance level of $6,000.
Looking at the current situation on the market, it is possible to say that the continuation of the negative trend is very likely. Quite soon we will probably see BTC below the $5,000 mark.
CoinSpeaker has already reported that on November 15 the BTC fell below $6,000. And it was the first time since the beginning of August. At that time several analysts explained that situation by purely technical reasons.
Nevertheless, it was viewed in a rather positive light. “Looking forward, today’s price drop may be a blessing for the asset as it could help push the market to a bottom, after which it can bounce back,” said Blockforce Capital CEO Eric Ervin.
Within a seven-day period, the price of BTC has fallen down from around $6,400 to $5,160. It is was a rather significant and intensive drop that could be followed by another one, this time below the $5,000 level.
Possible Trends for Other Cryptos
While BTC continues to get closer to the high $4,000 region, it is expected that other top cryptocurrecies will also enter their negative trends. It can be already seen from the prices.
For example, Ethereum has lost around 12% within the last 24 hours and now it is traded for $154,76 as it is provided by Coinmarketcap.
Nevertheless, according to experts, the situation with Bitcoin can become a real chance for XRP to become the world’s crypto number 1 by market cap.