Why is bitcoin price going down? Analysis
Over the past five months, the valuation of the cryptocurrency market has dropped by more than 55 percent, from $829 billion to $372 billion. In January, at its peak, the valuation of the cryptocurrency market nearly reached a trillion dollars as blockchain projects still in their infancy and testnets such as Tron and EOS surpassed $17 billion.
Since then, the price of most cryptocurrencies like bitcoin, Ethereum, Bitcoin Cash, EOS, and Ripple have more than halved. Naturally, as the valuation of the cryptocurrency market fell by large margins, an increasing number of investors have started to lose interest in the market and confidence in the short-term rally of both major and emerging cryptocurrencies. But, regardless of the massive correction, big investors are still extremely optimistic and bullish.
More institutional investors, retail traders, financial institutions, banks, stock markets, and governments are involved in the cryptocurrency sector than ever and the market is nearly at a yearly low. While most individual investors and newcomers see a sell-off period in a highly volatile time frame like this, large-scale investors see an accumulation period and an opportunity.
FUTURE for Bitcoin?
In the short-term, the bitcoin price could dip below the $8,000 mark, potentially into the lower end of $7,000. It also could demonstrate a sudden increase in momentum and bounce back to the $9,000 region and eventually to $10,000.
No investor or analyst could predict where the price of bitcoin goes in the short-term with absolute certainty. But, big investors are convinced cryptocurrencies are here to stay and will compete with traditional currencies and assets such as the US dollar and gold, and that is what really matters.
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