Bitcoin price is due for a sub-$20k dip, according to traders who say that miners are capitulating while also warning that the slump could go lower. The bears have already taken their toll on the cryptocurrency over recent weeks, with BTC dropping from $10,000 in mid-November to sub-$4,000 levels at the time of writing (data via Bitstamp). However, the lack of any significant bounces off these lows has sparked fears that further downside remains for bitcoin — although some believe there’s still potential for a reversal before full capitulation occurs.
The price of bitcoin has fallen from $20,000 to $11,000 over the past year. The cryptocurrency market as a whole has declined by 70 percent since its peak at $830 billion in early January.
Bitcoin Braces For Tough Times
Bitcoin’s value is down 50% from its all-time high, and 48 percent from its recent high. It is currently down 46 percent from its recent low – which was slightly above $7k on March 22nd – and 40 percent off its all-time high. Bitcoin is also down 32% off of its all time high according to CoinMarketCap’s average price index (APi).
In summary, traders appear to be bracing for a further drop in the price of bitcoin, with some even predicting that $10k could be on the horizon. While this might seem like bad news for those in it for the long term (like us!), we’re not so sure – many believe that if BTC can find stability at a lower level, there’s plenty of upside left in its bullish trend.
Bitcoin is a digital currency that can be used to purchase goods and services online.
In 2008, Satoshi Nakamoto released the original Bitcoin white paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System”, describing it as a “peer-to-peer version of electronic cash”. The system works without a central repository or single administrator like a bank or government.
To ensure the security of bitcoins, they must be stored in a safe place like your desktop wallet or mobile wallet. There are different types of wallets: mobile, desktop and hardware wallets. A hardware wallet is considered to be the most secure because it is completely disconnected from other devices when storing Bitcoins on it due to its physical design (it’s often built into a USB stick).