Bearish Bitcoin Price Outlook Tells Investors To Look Out For $3,000 BTC Value Range
Cryptocurrencies experienced a very hard drop in the last weeks. Although Bitcoin (BTC) has already fallen around 80% since its all-time high, there are some experts that believe that BTC might fall even further. Considering that Bitcoin is the most popular virtual currency in the market, what happens to it would ultimately harm the whole industry.
It is clear that not every single expert will have the same point of view about how the market will evolve. For example, Thomas Lee believes that Bitcoin will be reaching $15,000 by the end of the year, while others think that Bitcoin’s price will see first $1,500 dollars.
With the drop in the market, people know that everything can happen to cryptocurrencies. The most popular virtual currency is subject to very volatile price movements. Despite this, during the last months before the price drop experienced on November 14, Bitcoin remained stable close to $6,300 and $6,600 dollars.
Compared to past drops, Bitcoin is not even close to losing as much as it did in the past. In other occasions, Bitcoin lost more than 85% of its value after reaching an all-time high. Although we are close to an 85% correction, it has not yet been experienced. In order for this to happen in the next days, Bitcoin would have to reach between $3,000 and $3,500 dollars.
Nevertheless, things might not behave in the same way as they did in the past. Bitcoin could recover and start a new upward trend in the future. However, a bull trend is something that could take a longer time to start.
According to the Twitter user @DreadBongo,
85% drop on #Bitcoin would bring us to $3k.. 2014/15 correction was $85%
$3k saw resistance and once broken, saw a successful retest.. Parabola followed
— DreadBongo 🙊 QuantBongo (@DreadBong0) November 21, 2018
Since Bitcoin broke from $5,000 dollars, experts in the crypto market believe that it could find new lows in the coming weeks. For example, crypto-analysts at Bloomberg said that it is possible for the popular virtual currency to reach $1,500 in the near future before starting a new positive trend.