Bitcoin has again fallen under $4,000 on December 3rd. Although there were some positive things about some developments in the industry, Bitcoin couldn’t hold $4,000 for so long time. Clearly, when Bitcoin falls, most of the other virtual currencies fall as well. At the time or writing this article, most of the virtual currencies in the market are operating negatively.
The popular virtual currency trader on Twitter The Crypto Dog has given useful insight about Bitcoin and how it could behave in the near future. As soon as the market dropped, he mentioned that the best was to stay safe out this movement.
stay safe out there pic.twitter.com/Hgl9otREpI
— The Crypto Dog📈 (@TheCryptoDog) December 3, 2018
This trader mentioned that he had a short position at $4,160. He then jokingly said that he was ‘farily confident’ that he would have an opportunity to cover below $4,150 between now and 2020.
However, he explained that there was not enough selling pressure in the market in order to call for further sell-side action. Additionally, he did not predict lower lows, at least in the short term.
It is important to mark that this is a bear market and the bulls have the control of it. Nevertheless, it is possible to see that we are close to a bottom since Bitcoin already lost more than 80% of its value since its all-time high.
There are other experts that believe that the market is close to a bottom. According to a report released by Bloomberg, Bitcoin could fall to $1,500 in the coming weeks. Michael Moro, CEO of Genesis Trading, expects Bitcoin to reach $3,000 in the near future and then start to grow again.
At the time of writing, Bitcoin has a price of $3,892 and a market capitalization of $67.76 billion. In the last 24 hours, it lost around 6.24% according to CoinMarketCap.