The Bitcoin, which is the most valued cryptocurrency by market capitalization has received a massive decline from its ever apogee of about $20,000 in 2017 to the present value of $4,000, though it has gone below the mark of $4,000 in recent time.
The present price of the Bitcoin is an extension of the cryptocurrency bearish trend that has been dominant in the crypto space since the beginning of 2018. The condition of the crypto market has led to a great market shed of about 80 percent of its market value in the space of one year.
Many enthusiasts have given up on the value of cryptocurrency through sell-off, while, many pessimists are celebrating the victory of their supposed perception of the market though there are many postulations which have proven that the crypto market bearish trend will only exist for a while and the bullish trend is near once again.
Will Bitcoin Price Go Below $4,000 In 2019
The price of Bitcoin has been below $4,000 mark at the beginning of the new year, and the value has been making an effort to get stabilized at $4,000 and possibly see a bullish trend as expected by most crypto investors.
The tendency of the Bitcoin maintaining its value and increasing it in the year 2019 is dependent on some factors happening and the perception of many embracing cryptocurrencies according to Vinny Lingham, the CEO of blockchain startup, Civic.
According to Vinny, he believes that the crypto bleak out or the enduring bearish market is due to the skepticism of people about cryptocurrencies. To him, the lack of conviction in the crypto market is caused by the cryptocurrency adoption cycle curve because of BTC’s negligible real-world adoption as cryptocurrencies are mainly used for speculative purposes.
The Crypto Bullish Move
Crypto bullish move is the major concern of most crypto enthusiasts as many prophets of doom continues to prevail in the market. However, some recent events indicate that the bullish crypto trend is in the offing.
Recently, it was revealed that Apple, Facebook, and some other stock market has equally seen a massive loss in a day that equals the value of the Bitcoin market cap. This shows that Bitcoin and the crypto market is experiencing a torrid time like others, and it will still rise again.
Also, Japanese financial watchdog reveals recently that it plans to accommodate crypto ETF which has been dubbed a needed factor for bullish crypto trend. Crypto enthusiasts alike expect this to influence its approval by the Western crypto market also.