Bitcoin hit an all time high that was over $19,500 towards the end of 2017. As the price of BTC increased, so did the price of other cryptocurrencies. Due to the impressive spike in price, many experts in the industry started making price predictions regarding how high BTC will go this year’s ending. Well, to the disappointment of everyone, the spike in price was followed by a decline in the price of BTC and every other cryptocurrency in the market. While most experts initially predicted that BTC will set a new all time high this year, the story has now changed.
Bitcoin (BTC) May Fall As Low As $3000
As Bitcoin fell as low as $4,500 this week, many experts started making suggestions about the future predictions and the reason behind the price crash. Industry leaders like Tone Vays, have weighed in on the Bitcoin price saga. During a sit down with Cointelegraph, the one time institutional trader, who is now a Bitcoin minimalist, said that he doesn’t believe there was any one thing responsible for the price crash because he thinks Bitcoin has been overpriced throughout the year.
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Bitcoin (BTC) Price Today – BTC / USD
Vays noted that there was a rapid parabolic fluctuation in price and this was mainly caused by traders who don’t know what makes BTC important.” In his words:
“Bitcoin keeps dropping in price so people will understand why it is important. They need to know what they are doing and understand why they are participating in the market. I think there are many Bitcoin buyers who buy for all the wrong reasons. Most people see BTC as the perfect opportunity to get rich quick.”
Vays added that people who get into trading just to get profit are only thinking about profit. If these ones exit the market completely, there will be relative stability.
Echoing Vays point, Anthony Pompliano said that the recent sell-off in the market was not caused by a single factor. This is contrary to popular belief that the Bitcoin Cash fork was responsible for the crash in the price of all cryptocurrencies. Pompliano said that the long-term price trend and not the day to day price action is what is of utmost importance.
Another expert, the co-author of Blockchain Revolution, Alex Tapscott, said that that Bitcoin Cash is overvalued. He insisted that the recent downtrend is mainly attributed to liquidity because traders are beginning to realize that the market is overbought.
The Worst Is Yet To Come
Regarding the short-term progress of BTC, Pompliano said that the first largest cryptocurrency per market capitalization hasn’t bottomed yet. He said that Bitcoin will most likely fall as low as $3,000 at this rate. He said that this bottom is logical because Bitcoin has always been known to fall by 80 – 90%. So far, it has only fallen by 75%. So, there is still room for more decline from its all time high.
Bitcoin (BTC) Price Analysis
Main while, at the time of writing, BTC was trading at $4,335.47. This shows that it is down by 3.61% against the USD with a 24 hour trading volume of $5,018,168,574 and a market capitalization of $75,392,734,444.