Bear Market: Bitcoin Falls Below $5,000 USD For The First In 2018


Bear Market: Bitcoin Falls Below $5,000 USD For The First In 2018

The bear has its claws at Bitcoin and it looks like he doesn’t want to let go anytime soon. For the first time in several months, the price of Bitcoin (BTC) in Coinbase has dropped below $5,000 USD. The bear market, which has been raging for most of 2018, is taking Bitcoin down hard and many investors are very worried about the prices.

This is the first time since October 2017 that the price of Bitcoin is lower than $5,000 USD. Coinbase had it at $4,996 USD today during some moments. This made the market cap for Bitcoin be pushed below $87 billion USD, another very low number for Bitcoin.

A Decline Of 21% In The Last Seven Days

Over the last week (seven days), the value of Bitcoin has dropped 21%, according to CoinMarketCap. After the token had many months of stability with its price between $6,200 and $6,800 USD, the prices started to drop a lot last week amid the Bitcoin Cash (BCH) situation, which had its hard fork in which the token was divided into two: Bitcoin Cash Satoshi Vision (BCH SV) and Bitcoin Cash ABC (BCH ABC).

At the moment, Bitcoin is above the $5,000 USD mark again. The token now trades at around $5,100 USD in Coinbase.

Analysts Predict Even Worse Times Ahead

Unfortunately, some experts believe that things can get even worse than they are now before they get better. NewsBTC has compiled information from interviews made by MarketWatch and CNBC and has quoted experts like Stephen Innes, the head of Asia Pacific Trading at Oanda, and Mati Greenspan, an eToro analyst.

Innes does not believe that the token will hold at $5,000 USD for long. He believes that with some regulatory hurdles ahead of it, Bitcoin is very likely to fall back under $5,000 USD again. He believes that banks and regulators are pushing against Bitcoin and that the $1,000 USD price is as likely as $10,000 USD. It is simply hard to know.

While Innes is admittedly very bearish on Bitcoin, Mati Greenspan is a little bit less. He believes that there is a chance that the $5,000 USD market might still hold, but if it does not, he defined the $3,500 USD mark as the next logical point.

However, he defined the current Bitcoin market as a “buyer’s market” because he believes that one can profit a lot from when the Bitcoin price goes up again, which he thinks will happen.

Many people have pointed out that the Bitcoin Cash civil war is causing the fall in prices, as BCH is the 4th largest asset in the industry and it simply threw all its stability away with the fork. There are no agreements and this might cause BCH to lose a lot of money, and the whole industry will suffer.

Some people still believe that Bitcoin will be over $10,000 USD at the end of the year. This is very unlikely at this point, as a recovery seems less and less likely as time passes. However, most people are still confident that the bull will return in 2019. Will it, though? Follow our blog to find out.

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