It has been a difficult Thursday for Bitcoin as its price tumbled from above $4000 to $3850 in a matter of minutes, only to drop further down to $3570 in just a few hours. Will we be seeing $3000 soon?
The price of the number one cryptocurrency received a big blow today, dropping a staggering 10% during Thursday’s trading session.
Bitcoin has lost $380 during the last 24 hours, showing a 24 hour low of $3570, as the much feared wave of bear pressure came back into play. As per usual, the broader cryptocurrency market has accompanied Bitcoin in its latest dip as sell pressure on the market intensified and bears initiated a sell-off of digital assets.
The top 10 all saw red with Cardano being the biggest loser, showing a drop of almost 19%.
As it stands, the total capitalization of the cryptocurrency market is registering just below $122 billion, down 10.2 percent on the day according to CoinMarketCap.
Mark Dow, a trader who shorted Bitcoin from its all-time high at $19,500 all the way down to $3,500, said in December that if Bitcoin fails to recover beyond $6,000 in the short-term, the market is in trouble.
'If bitcoin can’t bounce to at least $5k – $6k soon, it’s a really bad sign for the cyberbulls. And if it breaks down thru the yellow line at any point, even the HODLers need to GTFO,” Dow said.
Today he seems to repeat those words.
Read more: Will Bitcoin replace fiat money?
However, not everybody is in panck mode just yet. Anthony Pompliano reminds people that this is a game of accumulation, while Twitter user EmptyBeerBottle reminds everyone to stop panicking and take advantage of the situation.
Lots of people will claim they know why Bitcoin's price dropped today, but the intelligent investors know it is simply because there are more sellers than buyers.— Pomp 🌪 (@APompliano) January 10, 2019
This is a game of accumulation. Proceed wisely.
#Bitcoin goes up, #Bitcoin goes down, everyone panics for a day, rinse and repeat.— Emptybeerbottle (@Fullbeerbottle) January 10, 2019
Volatility is much more fun than just sitting at the same price for a month, stop panicking and take advantage of it. 🤷♂️
The December gains are very much at threat to be fully erased and it is clear that the crypto winter isn't going anywhere just yet.
The question is now, will Bitcoin retest the big psychological $3000 mark to the downside?
What do you think? Will we be seeing $3000 soon?