Bitcoin price could crash by 50% in 2019, say traders

22 Mar, 2019 | Updated: 22 Mar, 2019
by Richard Allen
Bitcoin price could crash by 50% in 2019, say traders

Bitcoin’s price is now showing similar movements to those made in late 2018. Traders have started expressing concerns over the extended stability of the coin, however, CCN reports.

Since December 2018, Bitcoin has tested the $4,200 resistance level on two occasions. Following these attempts, the asset’s price pulled back to between $3,700 and $3,900. This has some traders concerned, arguing that Bitcoin showed very similar price movements in late 2018 before it crashed by 50%.

Between September and November last year, Bitcoin’s price remained steady in the range of $6,300 to $6,500. However, only several weeks later, Bitcoin’s price crashed by 50% to $3,200. The traders state that if Bitcoin fails to break through key resistance levels of $4,000 to $5,000, seeing another 50% crash becomes increasingly likely.

However, where Bitcoin’s price differs between Q4 of 2018 and Q1 of 2019 is the daily volume of Bitcoin across the markets. Last year, when Bitcoin was trading at around $6,300, BTC’s daily volume and the overall market cap, in general, were low.

Bitcoin’s volume has shown substantial recovery since November last year. As Chepicap reported, the dominant cryptocurrency’s volume is now reaching levels that haven’t been seen since April 2018, which suggests we’re nearing the end of the crypto winter.

Read more: Bitcoin can surge as high as $400,000

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