Bitcoin coin price predictions are common, but this one is unique because it tells of a new low, as low as eighty percent of the current price which means Bitcoin price can fall down to two thousand dollars.
The Cryptomarket is also showing red lights for all, Bitcoin to see a parabolic correction curve of eighty percent (80%).
Residing below the ten thousand dollars ($10,000) mark is everyone’s favourite cryptocurrency: he Bitcoin (BTC) after a ten percent (10%) cut was made from its initial standings on 17th of July 2019.
Wednesday does not seem that welcoming for both buyers and sellers alike. Coin360’s chart shows that the BTC/USD pair has been rebounding back to the nine-thousand six hundred dollar mark ($9600) even after it stooped to the lower bound of nine thousand two hundred and sixty-six dollar ($9,299) mark.
This downhill trend raised some eyebrows including those of Steven Terner Mnuchin, the United States Treasury Secretary along with his comments regarding Facebook’s crypto coin: Libra.
According to the analysts, the Bitcoin curve will be correcting itself after its stay on the cloud districts. The fall will account for eighty percent (80%) fall back in prices of the altcoins. The altcoins will be handling a heavy setback, and the traders in these territories will be sympathised with.
Crypto veteran, Peter Brandt’s, verdict on twitter is more than just a tweet, posted on Tuesday:
While the parabola in BTC was subject to different renderings, the parabola in the total market cap chart was loud and clear. Total cap should correct 80%. Most of the damage of decline will occur to altcoins. pic.twitter.com/DssCIL4H0R
— Peter Brandt (@PeterLBrandt) July 16, 2019
Josh Rager, a cryptoanalyst and trader, tweeted on Wednesday, while not happy with the market’s working scheme:
$BTC Daily Close
Market structure is broken and lower-lows have been set on higher time frames
There will be smaller bounces in between, but it looks like the trend has changed folks – for the short term
The avg pullback last bull market lasted 3 to 5 weeks before continuation pic.twitter.com/JzcfqIwyMR
— Josh Rager 📈 (@Josh_Rager) July 17, 2019
And yet, Brandt was right, after all, his prediction turned out just fine, for the sake of being correct and not in favour of the altcoin prices. The cryptocurrencies, all alike, lost a major proportion of their share to the uncertainty that the market operates on.
Things were not so bleak for Bitcoin Cash (BCH) a fall of six percent (6%) ensued. The fact still stands strong tat other crypto coins view Bitcoin (BTC) as still sitting on the cloud district and according to them, they are correct to think so for Bitcoin (BTC) accounts for sixty-six (66%) percent of the market share for the past two years (2) straight.