Ever since the mid-November, Bitcoin with the rest of the market started to plummet against the fiat while recording new lows alongside radical dips.
The market dip is still not over although Bitcoin Cash (BCH) acquired a positive pace of growth on November 24th despite the fact that the rest of the cryptos are dropping, including BTC.
While BCH is up by over 4% in less than 24 hours, Bitcoin is still dropping now traded at the price of 4,324$ after the latest drop of barely -1%.
Since BTC is pretty close to the green with dropping at -0.68%, there is a strong possibility based on the progress that BCH is making at the current moment, Bitcoin might as well be able to gain some friction in order to get to some gains in the next hours.
Will Bitcoin Recover From the Latest Dip?
Bitcoin has seen the lowest prices in 2018 with the latest dip that came between November 14th and November 15th when the majority of cryptos in the market started to drop.
That is how BTC even went down below 4,400$, currently trading at a new low for the year. At the same time, Bitcoin is now losing nearly -45% on its year to date chart also going down by -77% since reaching its all-time high of around 20,000$.
BTC is surely far from its highest price; however, there might be a chance that Bitcoin will indeed recover.
Bitcoin (BTC) Price Today – BTC / USD
Changpeng Zhao, the CEO of Binance, for instance, stated that he is convinced that Bitcoin will get to its recovery, he only said that he is not sure when or how, but CZ claims that BTC will get its trigger that will send it to a rebound.
For now, it appears that the chances that BTC is going over the value of 5,000$ or 6,000$ are pretty slim and some analysts are even indicating that Bitcoin might even go below 4,000$ in the upcoming weeks.
However, Bitcoin is pretty close to acquiring a positive rate of growth and if the recent gains of Bitcoin Cash encourage the rest of the market to go up against the fiat, Bitcoin might benefit too, however, with a low probability of going above 5,000$ in the following days.
What Can Push Bitcoin Up?
At this point, it appears that the cryptocurrencies are at the mercy of the market trends. The negative market trends are pulling the entire market down by billions of dollars from day to day, barely allowing the cryptos to acquire a positive pace of growth.
These trends are more likely the consequence of frequent market dips throughout the dip, so it appears that many investors suffering over -85% of losses are now pulling out t avoid losing more money.
This case is, of course, causing more dips.
Since the value of Bitcoin pretty much depends on how many people are using it or buying it, its value basically depends on the overall interest of cryptocurrency investors.
There might be a case of buying dips in December which means that Bitcoin will recover in December.