Bitcoin Price showed some recovery yesterday as the price showed an upward move from around $3500 up to $4200 which the major analysts were predicting to be dead cat bounce. After bitcoin fell down from $4000 range, the major support was at $3000 which was being called as bottom by some and some other analysts were predicting that market may even fall further down this line due to the selling pressure and fear which has been created amongst the cryptocurrency investors from fast few days.
What’s the bottom?
The major fear that is growing up in everyone’s mind is to know where will the declining price stop i.e. the bottom price of bitcoin as the price stability has been shattered. The current Bitcoin Selloff could be the biggest in history
The past week was tragic for Bitcoin and the entire cryptocurrency markets bringing down the total market cap by approximately 54 Trillion. As per data from CoinGecko, 1 BTC is worth $4047 at press time trading against the US dollars.
BTC traded as low as $3475 yesterday and later recovered to approximately $3900. Miners are moving into other businesses amidst the falling price. The crash is being compared to bitcoin’s 2011 crash when it fell up to 93%. Also, the Mt.Gox hack, from 2013 to 2015 the currency went down 83% which was much higher than the current market loss. Market analysts are predicting that the currency will surely fall to $3000 or even up to $2500 before settling down with a significant support.