The bears may have hit Bitcoin a little harder this time around. And with the current structure of the cryptocurrency market, it seems the grip might be just as strong as it was when the events of the Bitcoin Cash hash war began.
Apparently, the bears are doing their best to prove skeptical traders who are starting to believe “2018 may not have been Bitcoin’s year after all” right, especially with the newest all-time low of $3206.54, but that was yesterday. As of this writing, using data from coinmarketcap, 1BTC is now worth $3218.76.
The current BTC trading price is not seated too far away from where it was yesterday, and this will certainly steer the cryptocurrency trading community to a direction of fear, uncertainty, and doubt (FUD). Bitcoin’s newest all-time low of $3206.54 was largely a result of the BTC’s inability to maintain its yesterday’s trading price of $4.37 billion, which lead to a closing price of $3242.48.
At the moment of this writing, Bitcoin has lost as much as 3%, although an increase in trading volume can boost the price, Bitmex traders whose BTC/USD trading pairs have grossed a total of $1.37 billion, while increasing trading volume by 23.27% may not be able to keep up for the next 24hrs.
Continuation in this pace will lead to a break out in trading price that will leave the coin hanging below the $3000 level, this will simultaneously birth a new yearly all-time low and likely lead novice traders to boycott the big bull until it surpasses these troubled waters.
Interestingly, some analysts have remained firm on their closing price prediction and seem to not be affected by the increased rate at which the Bitcoin price is declining. While the likes of CNBC’s Ran NeuNer have withdrawn their price prediction, Tom Lee of Fundstrat Global who had predicted a roundup of $25,000 has now slashed that price by $10,000.
It will take more than four times of what 1 BTC is worth to hit that amount and Lee believes that Bitcoin might be able to pull it off and hit $15,000 before the year runs out.