In what can only be described as a disappointing turn of events, the crypto market has started bleeding and has now shed a lot of recent gains.
Within minutes, Bitcoin lost almost $500 plunging down to $9770. At press time, Bitcoin has lost a further $15, dropping to $9,755.The loss has affected the entire crypto market as market capitalization has also plunged down to $252.2 billion from the near $266 billion it was just hours ago.
If some experts opinions are to be considered, there could be a pretty strong chance that this drop would not last very long. Nigel Green, founder, and CEO of financial services company deVere Group, recently opined that the $10,000 mark is a new bottom point for Bitcoin. Green believes that its unlikely Bitcoin will ever consolidate below the $10k price level. According to him:
“Looking at its performance this year, I believe that the new normal bottom price for Bitcoin is $10,000. It bounces at this price. If it fluctuates below this level, it shoots back up again. We have seen this in action on Monday when Bitcoin hit $10,500 in a matter of minutes.”
Green has also said a few weeks ago that regardless of the coin’s current struggle, he fully expects a $15,000 value before 2019 runs out.
A much more bullish forecast was recently offered by Pantera Capital CEO, Dan Morehead, who believes that according to certain metrics, Bitcoin will more than double its current all-time high of $20,000 and eventually hit $42,000 in 2019. Morehead added that even though it “sounds crazy”, he believes Bitcoin will hit $122,000 by 2020 and almost triple that, hitting $356,000 by 2021.
However, not everyone is as bullish. Popular crypto trader, Josh Rager, has expressed his expectation for sharp swings in Bitcoin’s value and also implied that Bitcoin’s bottom is much lower than $8k. According to Rager:
“Large gap in VPVR (supply/demand areas by price) and if the price breaks down, [there will be] lots of interest below $8k.”
