Bitcoin at its lowest
This month has been very rough for the world of cryptocurrency. In fact, it has been the worse month of 2018 for a majority of crypto investors. Bitcoin has dropped to as low as $4,000. This is the worst crypto week since the peek of crypto back in January of 2018. If we take a look at the stats, we see that during January the total market cap was over $830 Billion.
As of now, the entire market cap comes down to roughly $138 Billion. Bitcoin Investors have suffered loses which comes up to over 77%. Simply because Bitcoin is down by over 77% since the December 2017/January 2018. That means if you invested $1,000 in cryptocurrency, your portfolio would be worth less than $300 now.
Innes who is the head of trading for the Asia Pacific at Oanda stated: “There’s still a lot of people in this game. If Bitcoin collapses, and if we start to see a run down toward $3,000, this thing is going to be a monster. People will be running for the exits.”
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin Cash (BCH)
Bitcoin Gold (BTG)
Bitcoin Price Prediction
According to Innes, he predicts that Bitcoin will trade somewhere between $3,500 and $6,500 in the short run. However, he also said that investors should expect Bitcoin to drop as low as $2,500 per BTC. Talking about speculations, there are millions of different opinions. A few very reliable expert like McAfee seems to think that BTC will go as high as $20,000 by January of 2019.
On the other hand, people like Innes and a few other crypto experts seem to think that BTC will drop down to as low as $2,500. The reason I said “reliable” when talking about McAfee is that he earlier predicted that Bitcoin will be worth $20,000 and it did during January of 2019. He still seems to be confident about his predictions.
He says that when he earlier predicted for early 2018, no one believed him and investors thought he was a little too optimistic, however, his prediction did seem to be true. Realistically speaking, there is no sign of any increase at the moment. The predicament is a little different this year, with SEC cracking down on Bitcoin, it doesn’t look like we can expect a sharp rise in Bitcoin’s price this year.
Long-term crypto investors have always swept a lot of profits from the crypto world. It isn’t like short-term investors haven’t made money by investing but the concept of “quick money” or “getting rich overnight” isn’t entirely true most of the times. If you invested back in January and are probably suffering a loss then it is better that you hold for now.
There is some hope for Bitcoin to get back up and rise. However, if you exit the market right now there won’t be any chances of you getting back the money you invested. It is essential to keep in mind that this isn’t a financial advice. You should only invest money you can afford to lose and do your own research. Crypto has surprised us not one but multiple times and so anything can be expected.