As bitcoin price keeps on dropping, everyone in the world are asking when is it going to end and how low can BTC drop.
Stay Calm With Bitcoin Latest News
The latest news is that the price of Bitcoin has gone down, reaching its lowest point in 2018. At one point, the value of one BTC was $4,225, which is its lowest since more than a year. In fact, the last time BTC value was so low was 13 months ago.
And the drop came after months of a relatively stability. For the last couple of months, bitcoin price was fluctuating occasionally, but only for a couple of hundred dollars. It was almost always in the range between $5,000 and $6,000. And then, in just a few days’ time, bitcoin price plunged by over 30 percent.
Obviously, the price drop is something that upset everyone who owns some BTC assets, but the biggest catastrophe was experienced by those who bought this cryptocurrency around Christmas last year when the price was at its peak. Let us remind you, the price of BTS reached its record high of $19,783.06 on 17th December 2017.
What’s the Reason Why This Happened?
The short answer is that nobody knows. The long answer is that there can be several reasons for this. First of all, the world recently saw a hard fork happening with Bitcoin Cash, which is currently the world’s fourth-most popular cryptocurrency.
Another thing that might have influenced the drop in the price of bitcoin is that cryptos got a fair share of negative press in the previous few weeks. We saw some major cryptocurrency thefts, while some A-list economy experts like JP Morgan CEO Jamie Dimon started giving advice to people to refrain from investing in cryptos.
On top of everything, bitcoin’s competition has gotten stronger. New types of digital currencies are emerging all the time, and some investors have decided to move their funds from BTC to the new cryptos.
And the fact that governments of some countries are seriously considering developing their own versions of cryptos, it means that bitcoin might lose its role as the leader in the world of digital currencies. But, what does that mean for the price of BTC? How low can it go?
How Low Can Bitcoin Drop?
Well, this is the question that everyone seems to be asking themselves these days. Unfortunately, there isn’t a simple answer. Some believe that this actually is a realistic value of BTC and that its 19k price came as a result of ‘cryptomania’ that happened back in late 2017.
Others think that BTC is gonna get on the right track, but probably not as quickly as suspected. The future seems bright for the cryptos, and as their use gets more and more common, their price will raise. And considering that for people who are not too familiar with the subject, bitcoin is still synonymous with cryptocurrencies.
Therefore, it seems likely that its price will get high, perhaps even higher than it was on December, 17 last year. But, when that’s gonna happen remains the question. After all, if everyone knew it, everyone would start buying BTC at that point, which would again deflate its value.
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