The BTC price has stopped in five-digit territory - can the price of this cryptocurrency drop even lower? This is what experienced investors and analysts think about it!
BTC course - what's happening on the market?
Last week was quite anxious for all cryptocurrencies. Investors' attention was drawn to the fluctuations on Bitcoin, although they were not the biggest. In quite a short time BTC lost as much as USD 2,000 of its value. Along the way the cryptocurrency tried to bounce back, but was brought back to levels around 10,000 USD per coin. This line becomes the first critical support for Bitcoin.
The current position of the BTC seems to be stabilizing, for example, yesterday's session was closed on the plus side.
Can Bitcoin fall lower?
Even though most investors would like to believe only in positive forecasts, there are also such promising declines on the market. One thing is for sure - you can never quite predict how BTC's price will behave. One of Bitcoin's holders, known on Twitter as Davinci Jeremie, summed it up in an interesting way - he wrote:
9 1/2 years ago... I got #bitcoin at $1 and kept buying up to $32, then watched it drop to $2! Also watched bounce between $5 and $7 for 2 years. Still held, still bought, still here, still strong!
Thus, he emphasized that investments in the cryptocurrency market are not easy, because you do not know what will happen. As you can see, over the last decade, Bitcoin has managed to gain quite a lot of value, and those who have not doubted him are still in the winning position.
A popular trader, Scott Malker, also gave an opinion on the future BTC movements. In his view, there may be further declines in the near future.
Point to remember - from here, a retrace to the low $7000s would still be considered "healthy," hitting a 61.8% golden pocket retracement before heading to new highs.
- He explained, continuing that this would be normal Bitcoin's behavior given the crash in March. Nevertheless, such a move could cause panic.