Bitcoin price has dipped under $5,000 for the first time in 2018, according to CoinMarketCap. In fact, BTC hasn’t seen these same price levels since October 2017. And while Bitcoin’s price has risen back above the $5,000 matter, it continues to flirt with the line, leading some to wonder if the support at such a firm number will hold up.
Bitcoin Trading Under $5,000; Where Can it Go?
The bear market of 2018 continues to sting crypto investors. Several virtual currencies lost more than 95% of their value and the whole crypto market lost over 80% of its value since the beginning of the year.
At the beginning of the current week, Bitcoin experienced another hard drop. Prices of most of the virtual currencies plummeted even further to new lows this year. This is what happened with both Ethereum (ETH) and Bitcoin (BTC).
This Bitcoin price drop is currently making investors challenge 2018 assumptions. While several so-called experts are still making bullish calls for Bitcoin price, it looks like several support channels have slipped out and caused new bottoms. Furthermore, for the short term, the landscape remains bearish.
The cryptocurrency analyst @TheCryptoDog, uploaded a tweet in which it explains that there is a possible Bitcoin price bottom at $4,800 dollars. According to him, this is the target that he has since February 2018.
Same target I've held since February of this year, I think there is a strong possibility that ~$4800 is the bottom.
— The Crypto Dog📈 (@TheCryptoDog) November 16, 2018
However, he still keeps a positive sentiment for the middle term. He says that he is looking to fill longs down to $4,400 dollars and that there will be a ‘resounding bounce at some point.’ He explains that at this time short will be punished.
He has also talked about two other virtual currencies, XRP and XLM. These two cryptos have been performing much better than the rest. During the last week, XRP lost around 5% of its value and XLM 16%, while all the other top 50 virtual currencies (with the exception of Bitcoin Gold) have lost more than 20%.
He says that he will be holding both of these virtual currencies, at least for some time. The market should behave in a weaker way for him to sell XRP and XLM. Both virtual currencies remain strong after losing just 3% and 8.8% respectively. The other top 10 cryptos are losing more than 10% of their price.
At the time of writing this article, Bitcoin price is still being traded under $5,000. Its market capitalization is $86 billion dollars and the bear market continues. If you want to read more, our most recent Bitcoin price technical analysis foresaw this bearish tendency from BTC/USD pairings.
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.