Bitcoin (BTC), as well as some of its peers like Bitcoin Cash (BCH) and Ethereum (ETH), has touched its new low.
From its highest price of nearly 20,000$ as recorded back in January 2018, BTC fell to as low as 5,600$ in November 2018, only 10 months later.
That is how Bitcoin is currently -71% down in its price since reaching an all-time high of over 20,000$.
The latest dip was the result of the excessive negative trends that stroke the market around November 15th, sending the majority of cryptos to red, with barely any currency surviving the decline.
Is BTC able to recover by the end of 2018 from its latest low?
Will Bitcoin Recover from its Latest Low?
Bitcoin is now at its lowest price of around 5,600$ since trading at the similar value back at the end of October 2018 several months before the top crypto touched its record value.
Bitcoin is not only the first and the top cryptocurrency by its market cap, but it also holds over 51% dominance in the market, which means that a great portion of the total market capitalization of all cryptocurrencies belongs to Bitcoin.
That means that when BTC is losing, the market is being pulled down in value as well.
Currently, Bitcoin holds 97 billion dollars in its market cap; however, only two weeks before the numbers were set at nearly 111 billion.
Bitcoin (BTC) Price Today – BTC / USD
With BTC touching its yearly low in November 2018 and going below 6,000$, many fear that the top crypto might even drop below the value of 5,000$.
But, still, BTC is seen in an attempt of a rebound several days since the major dip hit the market pulling the top crypto assets down against the fiat.
BTC is headed towards the value of 5,600$ even though the positive movement is still set below 1% but above the red.
How Far Can Bitcoin Go in its Value by the End of 2018
Even though BTC touched its yearly low, many enthusiasts still believe that Bitcoin will get to see a major rebound in the upcoming weeks as December is said to act more benevolently to cryptocurrencies than the second week of November.
However, it seems that the market is getting more unpredictable as the beginning days of November brought mass gains right afterward leading to major dips.
Furthermore, it indicates that the market is being crystallized to form a more stable rate of growth, bringing stability to the overall value of the crypto market too.
Based on the current pace that Bitcoin had acquired over the last few weeks, the final report for December is not looking flattering as the reports are indicating that Bitcoin won’t be able to break the resistance of 6,000$, ending 2018 at the new low of 5,300$.
Despite the not so enthusiastic predictions for the top currency in the market, there are many holders that believe that Bitcoin is able to go even towards the value of 10,000$ in the next 6 weeks.