The market has this week taken yet another hit, this time sending the total market cap below $130 billion. While this is bad, the current market situation suggests it could get even worse. Currently, there is contradicting opinion, some analysts like we have reported, suggest that Bitcoin will remain within its current set range of $3,700 to $4,200 for weeks to come.
Others suggest that a rally is on the way and are pointing to highs of over $10,000 in the short-term. However, others who have been supported by recent events are calling for further drops owing to low interest in the market.
No Interest, No New Money
Currently, there’s almost no new money going into the market and this is making it hard to rally. Although circulating money has the power to trigger rallies, it can only go so far. The market requires a new injection to really move but its current bearish trend and volatility have become its own undoing with new investors.
Some pessimistic analysts predict that interest will continue to drop seeing more and more investors shy away from the market and holders sell-off. This is bound to see the market go through further drops in the weeks to come.
Researcher Willy Woo has taken to Twitter to express his fear of the bear market prolonging further:
“The last time the market was more indecisive was at the start of 2018. Zones of minimal Long + Short positioning have historically coincided with bearish price action during bear markets (opposite is true for bull markets)”
If this prediction comes to be, Bitcoin could fall as far as $3,100, where possibly it could finally bottom. Other analysts have predicted even lower figures. They believe that if Bitcoin was to follow the same pattern it did in 2018, it could drop to $800 by the end of the year.
Bitcoin To Hit Its All-Time High In 2 Years
Irrespective of where Bitcoin bottoms, all analysts agree that it will rally, but when and how high? Analysts from Canaccord Genuity Capital Markets believe that Bitcoin will hit its all-time high of $20,000 in March of 2021.
They believe that the leader is going to bottom during this bear market and will have a slow and steady return, taking nearly two years to hit its all-time high. This is one prediction that means that the road back to glory will be filled with frustration and impatience for holders.