January 27, 2022

Bitcoin struggles to boost back from year low under $3,700

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By Carlos Terenzi From UseTheBitcoin

Bitcoin has been in the news during the last weeks because it has plummetted to new year lows. In the last 24 hours, Bitcoin lost 17% of its value being traded under $3,700 dollars,according to CoinMarketCap. The popular cryptocurrency is currently down 81 per cent from its highest point of $20,000 dollars in December 2017.

Bitcoin Stays Near 2018 Low Of $3,700

Bitcoin has reached $3,700 between November 24 and 25. This is the first time in 2018 that the popular virtual currency is being traded under $4,000 dollars. Most of the experts were predicting Bitcoin to hit new lows during the coming days and weeks.

Although most of the technical indicators were showing an oversold Bitcoin, the market plummetted once again. The last time that Bitcoin was traded under $3,700 was in September 2017.

Bitcoin analysts such as Genesis Trading CEO, Michael Moro, believe that Bitcoin will see a bottom close to $3,000 dollars. However, there are some other analysts that say that Bitcoin can even reach $1,500 dollars.

According to Bloomberg Intelligence, the crash did not end. The price could continue to fall to $1,500 dollars, meaning that Bitcoin should drop more than 50 percent from where it is being traded now. Some people say that the $1,000 was never properly tested. Since November 2013, and January 2017, Bitcoin was traded under $1,000. In 2017, Bitcoin skyrocketed from $950 dollars up to $20,000.

If Bitcoin drops down to $1,000 dollars in the near future, it will represent a retracement of 95% since December 2017.

Although the short-term predictions seem bearish, the future for Bitcoin looks bright for many other experts. The crypto trader on Twitter @AngeloBTC, quoted Warren Buffet saying that the market is a device for ‘transferring money from the impatient to the patient.’

At the time of writing, Bitcoin is being traded close to $3,600 dollars and it has a market capitalization of $62.62 billion dollars. Other virtual currencies are also experiencing a very negative moment. There is no top-100 currency, excluding stablecoins, being traded positively. Most of them are losing between 10 and 26 percent.

In the future, new platforms attracting new investors will be launched to the market. This is expected to be a catalyst for a new bull market.

Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

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