The past 24 hours have been quite gloomy over here in the crypto space and no other could have caused it than the high and mighty Bitcoin. The top cryptocurrency by market cap experienced a sharp drop in price in the early hours of today, however, a cryptocurrency analyst is of the opinion that this last drop may hold more significance than it looks.
Professional Trader Predicts Take Off in Market Prices After Current Dip
According to ‘Master’, a professional cryptocurrency trader on June 3, 2019, the current decline in prices we’re experiencing will be the “last big dip” before we take off. The trader also made an inference to the similarity between Bitcoin’s 2015 chart before the bull market and what is currently happening in the market today.
Based on Bitcoin’s past performance, he has come to the conclusion that we can expect three things to happen. The first is Bitcoin’s price being valued over $9,000 in June, the second, is that the digital asset will never fall below the $6,000 price level, and the third, is the belief that the previous all-time high of $20,000 which was set will be broken by March 2021.
Litecoin Also Garners Trader Interest
Asides taking a look at Bitcoin, the cryptocurrency enthusiast’s tweet seems to also be in favor of Litecoin, the fifth largest cryptocurrency by market capitalization. Like Bitcoin, Litecoin has also taken a hit in its price and has so far, devalued by 10 percent within the past 24 hours. The virtual asset is currently priced at $100.35, a long way from its year-to-date high of $120.
On the other hand, comments made on ‘Master’s’ message shows that a number of people are also confident that something good may come out of the recent dip in price. A user has suggested that investors hodl their asset while another has outrightly stated that the previous ATH will be broken by March 2021.
Bitcoin 24-Hour Trading Volume Increases Despite Dump in Price
Taking a look at the market as a whole, one of the first things that may pique a person’s interest is that Bitcoin’s 24-hour trading volume has been on the increase despite its dump in price. From a $20 billion trading volume from yesterday, it is currently at $23 billion which can be assumed to mean a lot of money is changing hands and a number of people are trying to buy the dip.
Another thing that may quickly catch one’s interest, is Bitcoin SV, the eighth largest cryptocurrency by market cap which has gained 6.01 percent in price over the past 24 hours. It may be worthy to note that the price increment has occurred while other top crypto assets were majorly in red.