[BITFINEX: BTCUSD] Bitcoin [BTC] at 04:45 UTC crashed to fresh lows in 2018 to trade at $5825 and at press time had enough bearish pressure to break lower to $5700.
The current panic-driven driven market which is currently in the “sell-FOMO” environment could potentially push prices below $5700. According to chart analysts like Monty Williams, Bitcoin could see a potential downfall and see it settle at $3k if it has enough selling pressure. He says,
“If Bitcoin breaks below the $5700 mark then the next support will be at $4800. A break below the $4800 will be difficult but if it does then we could see Bitcoin at the next resistance mark at $3300. It is highly impossible for BTC to break below $4800 though with the current volumes and sentiments.”
We asked an investor with a big portfolio, Mr. R Murthy about the current market situation, he seemed worried but said that he considered selling his assets for the current price and selling it if Bitcoin hit 0 to be the same. He says,
“When people get scared and doubtful I always ask them to go and refer the Bitcoin’s 2013 growth in November when it’s herculean growth propelled it from $140 to above a $1k. 2017’s December propulsion was the same. Although it took more than three years for Bitcoin to recover during that time, things are different now. Worst case scenario, Bitcoin trades at $3k, how long do you imagine it will be there? People like me will keep buying. If not this year then next year, the longer we wait, the bigger the bull. That’s a crypto promise”
At press time, there was a slight pullback and Bitcoin [BTC] was trading at $5900. Everything from Ethereum, Ripple, EOS and TRON is affected by the current market situation.
Among the Top 10 tokens, EOS is affected the most with an 11% drop in the past 24 hours to currently trade at $7.4 to a token, followed by Litecoin [LTC] which experienced an 8.2% drop in the past 24 hours to trade at $77. The last time Litecoin traded so low was in November last year.
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Ketaki Dixit is a Journalism major from Jain University. She has about 1-year experience in the field and is passionate about blockchain technology and the cryptocurrency world.