In December 2017, bitcoin reached a high of $10,000 and once the market entered the new year of 2018, a decline kicked in until the value of bitcoin stayed at around $6,400 for some months.
A number of enthusiasts and analysts predicted that there would be a surge in bitcoin’s value in the latter part of the year.
Unfortunately, quite the opposite happened as the market took a hit in the last weeks of 2018, hovering between $3,500 and $4,500 for weeks.
Since then, the price has been in limbo, and this last weekend, the price fell below $3,600, with over $2 Billion being lost on the global crypto market.
This has led to concerns on the part of analysts about a potential free fall in the market. The golden question is, will Bitcoin fall below $3,000?
A Bear Market
The crypto market is currently at the end of a 12-month long bear market and some analysts are predicting that the market will eventually enter an accumulation phase.
According to cryptocurrency trader Josh Rager,
“As the volume continues to slowly descend Bitcoin could see more sideways ranging This could last for days or weeks until a decrease in buyers, currently holding up the market, at these levels. Nice support below $3,000 with lots of buyers waiting there.”
The global crypto market has lost over $100 Billion since November 2017 and its currency stability is between $122 to $124 billion. Unfortunately, there have been no signs of a trend reversal so far.
All The Signs
From all indications, bitcoin will not likely see the massive resurgence that many had hoped for. More likely than not, 2019 will shape up to be a rather uneventful year for the market.
“I’ve been relatively inactive this year – for one reason – there just hasn’t been too much to trade. I wouldn’t be surprised if ’19 plays out like this, boring, choppy and frustrating to trade. The worst thing you can do is force trades when your system doesn’t give you any,” DonAlt, a cryptoanalyst said.
There is, however, the chance of bitcoin making a recovery should it fall below $3,000, triggered by buying walls on major exchanges.
Smaller altcoins have also seen a downward trend in value even as the bitcoin market took a decline. Some platform coins, however, have seen a decline in their value due to non-market related issues such as Ethereum, which has seen a value decline due to a recent hack.