The psychological $7K mark was Bitcoin’s life support for weeks. Now that it’s gone, it gives fuel to Bitcoin haters and even governments who believe that the leading cryptocurrency is too unstable to be backed up. It’s fair to say that 2019 hasn’t been the year of Bitcoin and there seems to be no end in sight for Bitcoin’s mounting problems.
It’s not just Bitcoin – the whole crypto community has taken a beating all year long. As soon as Bitcoin fell below the $7,000 mark, altcoins took a dip as well. In fact, it wasn’t that much of a dip as it was a beating. The digital token market is highly unstable and volatile right now, with most cryptocurrencies heavily sold off in the past 24 hours. Is this the end or is the night darkest just before the dawn?
Bitcoin’s Price Hits 3-Week Low
The latest drop in the series hits a new 3-week low and bolsters the bearish setup of the market. The November lows of $6,500 are looking like a real possibility for Bitcoin right now, with many wondering if the cut goes deeper. A sudden drop to the $6,500 mark will spark even deeper price drops, with experts expecting a bit of a price bump (over $7,000) before the inevitable happens.
No one’s sure why Bitcoin has suffered such a steep decline. Some have attributed the latest drops and even upcoming ones to a Chinese Ponzi-like crypto scheme that dumped over $2 million. Others believe that the latest developments are only natural, giving crypto doubters the fuel they need. Whatever it is, it’s not good, and it’s dragging the whole altcoin market down as well.
A few days ago, UK’s oldest crypto exchange Coinfloor has announced that it will delist Ethereum and Bitcoin Cash and voiced its support for Bitcoin. Coinfloor’s CEO believes that Bitcoin is the most stable cryptocurrency out there, light years ahead of any altcoin. Ethereum was backed by major corporations as soon as it was invented, but apart from a strong bull run last year, it hasn’t been able to break through. The announcement of Ethereum 2.0 scheduled for release in early 2020 may be another proof that developers don’t believe in the previous iteration. Bitcoin has suffered steady blows recently, but it took them like a champ. On the other hand, altcoins are all but destroyed.
What’s on the Horizon?
We’re sorry to say that there’s no positive news on the horizon for Bitcoin in the near term. Experts fully believe that the market will take further hits with a consolidation point expected after the halving. If you ask some experts, even the halving won’t solve Bitcoin’s problems. If investors stay away from the market and owners sell for cheap, it could very well spell doom for the world’s largest cryptocurrency.
Of course, there’s no way to predict the future so clearly. Things were bad a few years ago, and then Bitcoin exploded. Who says that 2020 won’t bring us something like that?