Bitcoin is seeing new lows from day to day although the top crypto had its chance to acquire a flattering set of gains on November 26th when the market was seen in a sudden rebound.
Only a day after having acquired new gains, which altogether were not enough to pull BTC out of the weekly crisis, Bitcoin started to drop once again with the rest of the declining market.
As the map of the global cryptocurrencies is changing from day to day alongside prices and driven by frequent and prolong cuts, everyone seems to be wondering why Bitcoin is going down in a prolonged dip.
How low will Bitcoin go and will we see BTC up again after the November dip?
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Bitcoin Touching New Lows in the Declining Market
Even back in January 2018, Forbes shared a bold prediction on the subject of Bitcoin’s demise, sharing several reasons on why they believed that BTC might even go as low as to touch the value of 1000$ by the end of the year.
Today we can see BTC at its lowest for the year although it still hadn’t reached the value of 1000$ as indicated in the piece posted by Forbes back in January, trading at the price of 3,711$ now far below its previous price of around 6,000$ before the dips took place several weeks ago.
In the declining market, only several cryptos are able to survive the rough currents of the bearish market trends, so the only crypto going up at the time is Bitcoin SV (BSV), the latest Bitcoin Cash fork spiking by 11% in a single day.
The rest of the market is seen in a deep decline as investors fear there will be more dips before November is over.
Why is Bitcoin Going Down and Will BTC Go Up Again?
Perhaps the present and prolonged dips might solely be the price the cryptos are paying for having started the year at the very peak with all-time highs booming all over the market.
As the cryptocurrencies climbed to reach massive gains, Bitcoin even went up to 20,000$ per one unit, marking an all-time high, however as February came the market slowly started to go downwards.
From that point on, cryptos were able to take occasional rebounds, however, gradually, the crypto market came to see new lows in oppose to January gains.
That is how new losses only carried more dips as investors were fleeing and probably still are. The occasional major gains we are seeing from time to time, that fail to last more than 24 hours, can probably represent results from buying dips.
Bitcoin (BTC) Price Today – BTC / USD
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After selling off the bought dips, cryptos are immediately seen going back down again in a repeated fashion, indicating that there is a pattern within the dip, prolonging declines until a sudden positive factor arrives to break the vicious loop.
Bitcoin, in a popular opinion of faithful investors and holders, will eventually go up, however, it is yet not certain when will this happen.
It is presumed that the dips will see their end with the first days of December when BTC could see some price improvements beyond a 24-hour bull run.
