November of 2018 seems to be taking away the best of the top cryptocurrencies, where the bloodbath left after the dip that is still present leaves toppers like Bitcoin (BTC) and Ethereum (ETH) deprived by their previous value and status in the case of ETH.
Bitcoin previously touched its yearly low of around 5,500$ by going down below 6,000$ with -11% of losses in a single day.
However, the top crypto didn’t stop there with dipping as the stubborn bearish trends continued, making BTC touch a new low once again.
Bitcoin (BTC) Price Today – BTC / USD
This time, Bitcoin went far below 5,000$ to touch a new low for the year currently being traded at the value of 4,674$.
The last time Bitcoin was seen at the similar value as on November 20th, 2018, was back at the end of August 2017, which was way before BTC was able to touch a record value of around 20,000$.
With the latest performance of the first and the original cryptocurrency, everyone is wondering whether Bitcoin is able to take a rebound.
Will Bitcoin recover from the latest dips?
Bitcoin Touching a New Low Again: Will it Go Lower than 4,600$?
Bitcoin is seen in a massive dip that cost the crypto -27% of its value in the course of a single week, which is the worst performance BTC showed in months.
Naturally, investors are still worried as BTC lost additional -14% in a single day on November 20th, making its recovery a lot harder to imagine that it would be the case back in October.
For weeks, Bitcoin was managing to keep its value above 6,000$ even revisiting prices of above 7,000$ and 8,000$ on occasions.
However, we can now see it dipping at an accelerated rate in what appears to be the road to a major crash of the top cryptocurrency.
Bitcoin makes over 50% of the cryptocurrency market, being the dominant crypto asset, and the fact that BTC is losing a lot of its value is surely affecting the overall market.
Its market cap was previously counting nearly 111 billion dollars, but less than 3 weeks later, BTC weighs 81 billion in market capitalization, marking major losses.
BTC is still dropping, so further dips are possible.
Will Bitcoin recover from the dip?
Will Bitcoin Recover from the Dip?
Some authoritative figures from the cryptoverse, like John McAfee for instance, claim that Bitcoin will indeed recover, and already by the end of 2018 and the beginning.
However, even if Bitcoin actually shows signs of recovery by the end of November and the beginning of December it yet remains to be seen at what level the recovery will take place.
Some indications are showing that BTC, even in the middle of a rebound, won’t be able to go above the price of 6,000$ due to the fact that the currency is dipping big time at this point.
Some analysts claim that Bitcoin will get to see the price of 6,000$ or at least near 6,000$ by the end of December 2018, but it is less likely that the first crypto will get to see a kind of success it had during the year of 2017 and the beginning of 2018.