Bitcoin Bloodbath Continues As Premier Currency Falls Below $3,600 Mark
After gaining some positive financial momentum, over the course of the past 24 hours Bitcoin has once again fallen below the $4,000 mark (by losing over 10% within the span of a single day).
At presstime, the value of BTC is currently hovering around the $3,450 mark.
In addition to all of this, the premier digital currency has also been lambasted by the mainstream media at large, with many stations such as CNBC calling Bitcoin a “dying technology”. Not only that, many outlets have also proclaimed that the altcoin market is now officially “done with”.
Could Bitcoin Fall To $1,500?
Just 48 hours prior, it appeared as though Bitcoin was once again on its way up the economic ladder. This was because for a few period of 2-3 days the altcoin had found stability around the $4,000 mark (with the currency even scaling up to a price point of $4,200).
Additionally, it is also worth noting that since yesterday afternoon, Bitcoin SV has garnered immense market traction— with the BCH hard fork now trading over $100 after having gained an impressive 13% overnight.
If that wasn't enough, BSV is currently just $300 million behind BCH in terms of their overall market capitalization.
Lastly, having lost over 85% of its value since reaching its ATH of $20,000 around 12 months back, Bitcoin’s credibility with many mainstream financial analysts seems to have dropped quite dramatically. For example, recently, a market expert for Bloomberg announced that BTC is destined to head to $1,500 in the coming few months.
To elaborate further on the matter, Mike McGlone of Bloomberg Intelligence also stated:
“There’s little to prevent fading Bitcoin prices from reaching the continuous mean of $1,500. A rush to the exits among investors seems to be in place.”
While BTC still seems to be the alpha of the crypto world, McGlone’s sentiments do make a lot of sense, especially because BTC is currently experiencing its worst sell-off run since July earlier this year.