Bitcoin was down by 4% trading at its lowest price since Dec.15, 2018. The current value of BTC token stands at $3,409.57 at the time of writing.
The six week drop was achieved at around 04:45 UTC, with price sliding to $3,357. A period of stabilization, which lasted nearly two weeks, was thus ended.
Recently, on the instances the crypto market had a long period of consolidation, the market reacted with volatility. For example, when the price moved south of $6,000, another downslide followed soon after further dipping BTC below $4,000.
At the moment, any event is as likely as the next to have caused such a bearish move in the market. Analysts, keeping in mind the highly turbulent streak displayed by the crypto throughout December, predicted further downslides for Bitcoin.
Tone Vays, a renowned forecaster among crypto circles, stated during the lows last month that the BTC/USD pair would further drop to $1,300.
The bullish claims that were seen in the beginning of 2018 were subdued by bitcoin’s bearish trend throughout the year. Still, in the New Year, new claimants have emerged betting big yet again on this crypto.
Mike Kayamori, CEO of Quoine, has forecasted a strong bullish run this year – bitcoin reaching all-time highs of above $20,000 before 2020.
Nearly every, not quite all, cryptocurrencies suffered significant losses today, with crypto’s picking up on the trail of the market leader.
Ethereum was down by 8.24%, trading at $105.06 and Litecoin down by 4.74%, trading at $31 at the time of going to press.