Are there any chances for bitcoin to bounce back in 2018? Bitcoin price (BTC) tumbled to the lowest level in past fourteen months on Tuesday as the cryptocurrency bloodbath continues. The largest coin has lost more than 30% of its value in the past seven days alone, expanding year-to-date loss to 75%.
Bitcoin (BTC) Price Today – BTC / USD
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After trading in the range of $6500 for the past two months, bitcoin price collapsed sharply over the last seven day. BTC is currently standing around $4500 level, the lowest level in the past fourteen months. Its market cap plummeted to $77 billion for the first time since October 2017.
Source:coinmarketcap.com
The latest selloff is triggered by traders concerns over Bitcoin Cash (BCH) hard fork event and SEC crackdown on crypto exchanges. However, the lack of interest from institutional investors and hedge fund managers has been pushing Bitcoin price in the bearish cycle since the start of this year. Factors like regulatory issues, price manipulation activities and the rejection of Bitcoin ETF’s added to the steep selloff in BTC price.
More Pain is Ahead
The bearish trend in the crypto market is likely to extend the momentum in the days to come according to analysts.
The cryptocurrency trader Altcoin Thoreau believes that the market hasn’t reached the bottom and BTC will continue its downward stride.
Explaining the stance, Altcoin Thoreau said, “Most indicators have bottomed out and reached new lows we haven’t seen for a long time on Bitcoin. Boom and bust cycles are nothing new for crypto, and I believe we still have some time to go before reaching the bottom.”
Bloomberg intelligence agency, on the other hand, predicts bitcoin price to fall around $1500 level before seeing some stabilization. McGlone, an analyst at Bloomberg intelligence agency, says, “BTC will stall under $1,500, a 70% drop from current levels, or more than 90% decline from the asset’s all-time high established in late-2017.”
Willy Woo, the Woobull.com founder, has also presented the bearish outlook for bitcoin price; he believes the bearish trend will continue in the first half of the next year.
“Until we see some new catalysts to change the trend we will continue the bear market into mid-2019. Bitcoin will capitulate or trade sideways while altcoins pump. Most of the gains made from alternative cryptocurrencies will flow into BTC, and by then Bitcoin should achieve its a bottom and begin an uptrend before the halving in 2020,” Willy Woo said.
When Will Bitcoin Rise in 2018?
Crypto coins are the most volatile assets of this era – which makes it difficult for anyone to predict the future price movements accurately. There are several catalysts in place that could create the bull-run in crypto markets. These catalysts include the entrance of Goldman Sachs, Fidelity and Nasdaq’s in crypto markets. The prospects for inflow of investments from institutional and retail investors could also enhance trader’s sentiments. On the whole, bitcoin price appreciation is correlated to its adoption rate.
