Concerns were renewed today about the continuing slump in prices in the crypto space, as Bitcoin hit a new low for 2018. The leading crypto dropped to $5,832.68, surpassing the previous low of $5920.06. It appears that the major sell-off from June 11th, which caused a dramatic dip, hasn’t finished taking effect on BTC just yet.
There is no doubt that East Asia has been a major factor in this slump, with Japan getting tougher on anti money laundering measures taken by major exchanges, and two hacks in South Korea.
Positives on the Horizon?
Considering that Bitcoin almost reached the $20,000 mark at the end of 2017, it will be alarming for many investors to see it flirting with $5000 only 6 months later. However, most experts are predicting that Bitcoin won’t break the $5000 threshold, with many expecting gains in the second half of 2018. Indeed, looking back to the history of Bitcoin’s price, 2010 and 2014 saw price corrections that were very similar to the one that is currently being experienced. Of course, each time, Bitcoin recovered and posted a new high shortly after hitting its bottom. If the same does happen in the later months of 2018, then a 4-year pattern would have been firmly established.
At the time of writing, Bitcoin was trading at $5945 on coinmarketcap.
Where do you think Bitcoin will bottom? Are you betting big on a rebound for late 2018? Let us know your thoughts.