Crypto Market Bears Wipe Out $13 Billion As Bitcoin Plummets Below $10,000

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Crypto Market Bears Wipe Out $13 Billion As Bitcoin Plummets Below $10,000
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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.

Crypto Market Bears Wipe Out $13 Billion As Bitcoin Plummets Below $10,000
Crypto Market Valuation Chart By CoinMarketCap

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.

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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.”


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