Due to the heavy November dips that took over the market for the past several weeks barely allowing cryptos to take some time off to make a rebound, many are already deeming Bitcoin as dead.
For weeks, Bitcoin is dropping towards touching new lows from day to day, currently trading at its lowest for the year under 3,706$ dropping by over -6% in the last 24 hours after rising by over 10% only a day before.
Bitcoin is now counting around 64 billion dollars, however, the top crypto had around 111 billion only several weeks ahead of the dip, marking major losses in the overall crypto market given the fact that BTC makes up for over 50% of the market.
Apparently, this behavior of the top crypto is defined as a crash, indicating that Bitcoin is crashing towards new lows after weeks of dipping.
Naturally many consider that this is the end of the road for Bitcoin as BTC has no product to offer in return for investments.
Why is Bitcoin crashing and is Bitcoin dead?
Is Bitcoin Dead: Why is Bitcoin Crashing
Many seasoned stock investors, financial advisors, and analysts are indicating that Bitcoin is losing on its value because many investors are fleeing due to the fact that BTC has no “real value” to offer.
Those same indications state that since there are many cryptos that are offering faster transaction speeds and a policy with cheaper fees or no fees at all, investors are fleeing.
Others, like Warren Buffet, claim that Bitcoin’s value solely depends on how much money is the next guy ready to place on BTC, which could explain the latest dip in the market where BTC is seen at its lowest.
Bitcoin (BTC) Price Today – BTC / USD
There are also numerous indications that Bitcoin may head towards even lower values at this pace of growth, slowly heading towards complete devaluation.
However, some claim that BTC as a top crypto cannot die. If anything, Bitcoin can’t die without cutting over 50% of the value that the entire cryptocurrency market currently holds.
John McAfee and Changpeng Zhao Claim Bitcoin Will Rise Back Up
Even though it does appear that Bitcoin is dipping at the rate that could lead it to a total devaluation in only several weeks or months, there are prominent names from the cryptoverse claiming otherwise.
Changpeng Zhao, for instance, stated that Bitcoin will surely rise back up, however, he is not sure when will that be or which factor would push BTC up against the fiat.
John McAfee is convinced that Bitcoin will revisit some of its top prices with the following year 2019 predicting that Bitcoin will not continue with crashing.
Bitcoin Prediction for 2019
Based on the current rate of dropping, Bitcoin alongside the rest of the market might be facing another year marked with bearish trends.
In case BTC doesn’t meet its surge factor by the end of 2018 and the beginning of 2019, Bitcoin might be facing new lows in 2019, touching its minimum of below 2,000$ and trading between the value of 1,500$ to 2,500$.
However, more enthusiastic predictions say that BTC will eventually manage to rise back up where Bitcoin is said to be able to acquire the minimal price of 5,000$ and the maximal of 7,200$.