Since Bitcoin’s value decreased from £15,173 ($19,352) on December 17, 2017, to just £2,634 ($3,360) on December 12, 2018, the first ever cryptocurrency looks in a vulnerable state as it takes another hit in the financial market in a matter of a few hours after a hopeful start in 2019.
Investors were given a bit of hope as the digital currency went to its highest mark up in a long time recorded at $4,000 but their hopes were shattered as the cryptocurrency took another blow in the market and came back at $3,600. Experts have given their views on bitcoin’s current state in the world of crypto and have mixed feelings about the cryptocurrency’s future.
A cryptocurrency trader, Alex Kruger expressed his views on bitcoin’s current market position in an interview in which he humorously said that the cryptocurrency’s recent dump means that it is back at an affordable price for him. He further added:
Below $3,300 exit and reassess. I’d like to see BTC ending the day above $3,700. Consolidation below $3,600, the bottom of the prior area, would tilt the balance towards further downside.
Mr. Kruger believes that if the digital currency’s price goes lower than $3,300, then it should consider taking a break from the market, analyze its position and come up with ideas that would help it reach the standard that it set for itself. The cryptocurrency trader is also hopeful that bitcoin ends the year higher than its present-day value. He thinks that lower than a certain value would only cause the cryptocurrency to further decrease and revival from there would be questionable.
Crypto Dog, another cryptocurrency expert shares similar views with Alex Kruger that bitcoin’s downfall is quite evident at least for some time. The price of the digital currency is expected to go lower than it already is, according to Crypto Dog. He said:
Not setting heavy bids but I would like to see BTC at $3,400 and ETH at $115. No reaction there and I think new lows are on the table.
Mr. Dog expresses his desire for the cryptocurrencies under a reasonable price range and wishes that they are valued at a price that would keep them alive in the financial market. Keeping in view the ongoing fluctuation in the prices of bitcoin, the cryptocurrency trader believes that they are expected to further decrease in near time.
Mr. Dog also showed positive signs with regards to the cryptocurrency saying that it is all a part of process that helps any product grow in the longer run, adding:
Nothing to stress about, all par for the course, cycles matter, long Bitcoin (without leverage) and continue shorting the banks they’re wrecked.
He assures bitcoin holders that there is nothing to worry about with relation to the position of the digital currency in the financial market currently as it is just going through a phase of highs and lows and in bitcoin’s case, it is mostly the lows but a phase that will pass with time.
The crypto industry has realized the fact that the “bitcoin bubble” has finally burst and crypto assets are exhibiting wild unpredictability in a low value run. The bitcoin price has prominently been decreasing over the course of one year and it has manifested no clear indication that it is expected to grow over the range of $4,000. Moreover, the financial market pressure has also restricted the cryptocurrency’s uplift for at least a certain amount of time.
Other cryptocurrencies have also seen decrease in the financial market due to the market pressure and some have also triggered a bigger loss than bitcoin. Thus, assessing bitcoin’s current position and its decreasing market price, as experts have also mentioned, the cryptocurrency must take a break from the industry if it faces another hit to contemplate itself and revamp with better strategies to regain its status in the world of trade.