Bitcoin price to suffer more!
November 27, 2018 5:59 am,
Bitcoin (BTC) could suffer an 11 percent drop next week as the world’s leading cryptocurrency experiences its worst plunge since September 2017, with the asset falling below $3600. BTC is down more than 35 percent this week.
Over the past 24 hours, after the steep decline in the price of major cryptocurrencies, the crypto market added $12 billion to its valuation. Within a relatively short span, valuation of the crypto market increased from $115 billion to $127 billion as BTC, XRP, BCH, and ETH recorded gains in the range of 6 to 12 percent. BTC especially has a rough weekend. Coming off a week of heavy losses, BTC fell 10% and set a fresh low at $3447.58. This is the lowest since September 2017.
Over the seven days, BTC has lost more than 35% of its value. This marks its biggest one week drop since April 2013, when the cryptocurrency fell more than 44%. The recent downturn started in mid-November when BTC fell abruptly below $6000. Since then, the world’s largest cryptocurrency continues to find new lows and has struggled to break out of the $4000 range.
Over the last week, the price of Bitcoin which was dangerously close to breaching the $4000 level, surged from $4050 to $4560 by more than 12%. On Coinbase and major fiat-to-crypto exchanges like Kraken, BTC dropped to as low as $4030 for a brief period of time and recovered to almost $4200 immediately after. It also rebounded to $4500 showing some resistance in the low $4000 region.
BTC price is sliding below and breaking all support levels. A $3000 price is not far away as BTC has already lost over 16% since yesterday. BTC is currently trading at the price of August last year before the bulls started to gain momentum taking the price to $20,000. But the same bulls are not predicted this year. And analysts predict it might fall to $2000 and $3000.
ETH price has fallen down from the most major support level of $100 which was the last hope for the HODLERS. Large ETH sell-off is being experienced on exchanges especially bitmex.
ETH is currently trading at the lowest price that ETH has experienced more than a year. Analysts have also predicted the major ICO sell-off will start once the prices reach below $100 which is already reached now.
BTC’s security depends on a rising price attracting more hash rate, attracting the most advanced tech from the processing power makers, making it very difficult to attack. This bear market is a test for BTC’s security model and if the price continues plummeting while chip manufacturers continue to advance in making cheaper processing power.