Bitcoin Might Hit $29K, Analysts Say
The price of Bitcoin is experience a downward trend. But how long will it last? What's the next step for Bitcoin?
The price of Bitcoin, and subsequently other major cryptocurrencies, has been declining over the past couple of weeks. How low will it go? Analysts warn that it could be pretty bad.
Looking back at the trend of Bitcoin’s price, it could be seen that it is possible that there will be a 55 percent correction from the highest price.
What data shows is that the plunge in the price of Bitcoin is not nowhere near being over. In fact, the current level for the top support zone of the Bitcoin market is estimated to be around $45,000.
This means, should there be a 55 percent correction, the price may fall to as low as 29,000 dollars.
But what are the reasons behind the drop in the prices?
Other than the predictions and speculations provided by market analysts, many people, especially in social media, believe that the CEO of Tesla, Elon Musk, may have had a serious impact with regard to the recent price plummet.
There have been a lot of statements made by the Tesla CEO with regard to Bitcoin. They were positive in the beginning. But as of late, they have become quite negative. For instance, in one of his recent comments about Bitcoin, Elon Musk stated that the energy consumption by Bitcoin is too high and it has serious, detrimental environmental impacts.
With all the negative speculation revolving around Bitcoin market, many still believe that Bitcoin will be fine. What they propose is that the price of Bitcoin has not even gotten close to its highest possible.
As to what will happen to Bitcoin, we will just have to wait and see.