Bitcoin price has already lost more than 60% of its value from its all-time high and analysts expect BTC to make a further price correction before the coin completely stabilizes. Warnings and price crash predictions from analysts along with bans from big banks and social media platforms have significantly impacted cryptocurrency trader’s sentiments.
Bitcoin price recovered slightly from the lows of $6,500 that it hit during the weekend; BTC trades in the range of $7000 today after a death cross pattern failed to create any significant impact on price.
Analysts, however, expect bitcoin to fall another 50% in the days to come before creating a sustainable uptrend. Steve Bellotti of Digital Currency Holdings believes BTC price could hit the $3000 level, representing a decline of 50 – 60% from its current level.
Steve Bellotti, also thinks that bitcoin and other cryptocurrencies will present better buying opportunities in the days to come.
He said: “So, if you are patient, you are putting capital to work, this is a great opportunity versus right in December right before Christmas time where there was an awful lot of hype in the market, a lot of new retail customers joining every day etcetera and that has been taken out of the market.
“So I think the market is much safer to enter into today. But we may not be at the extreme bottom yet,” he added.
The Possibility of Further Price Correction is Probable
Reports of scams, frauds and illegal activities involving cryptocurrencies have shattered traders confidence in crypto markets over the past few months. Followed by an advertisement ban, Google announced a prohibition on crypto-mining browser extensions that are available for its ‘Chrome’ browser.
Regulators all around the globe are in the process of creating the regulatory framework for cryptocurrency exchanges and trading activities – which could create additional volatility in prices and trading volume.
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