Will Bitcoin Fall To $5K By End Of 2019?

Bitcoin’s 20% price drop from 2 weeks ago has led some traders and analysts to believe that the price will drop below $5K before the end of 2020. The cryptocurrency has recovered from the price drop and gained 4.73% in the past 24 hours and is now trading at $8,586. The price hike took place within a few hours on October 9, 2019, and experts have predicted that this could be temporary. Once the sell-off increases pressure on the cryptocurrency, the price may fall to the $7-7.5K level. There are some possible causes of Bitcoin’s fall and in this article, we’ll discuss some of them.

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The Bakkt launch, which was highly anticipated, turned out to be a huge disappointment among investors, the reason being only 72 monthly contacts were recorded on its launch, clearly indicating a lack of interest or a severe lack of marketing management. This provoked a massive sell-off.

The cryptocurrency hit a year-long high of $13,830 in June 2019 and a massive 40% plunge followed in the next week. The price hit $7,200 level in the past week, before rising to $8,586. Experts believe that institutional investors were at play behind the recent price drop in Bitcoin. Moreover, the scenario may not improve any time soon. Sell-off may intensify and Bitcoin may plunge to $5,000 before Christmas.

Bitcoin’s price has had a direct correlation with emerging-market assets. Experts believe that Bitcoin’s performance will improve as the US-China trade war intensifies or a no-deal Brexit comes closer. As a matter of fact, through this period of geopolitical tension, the Bitcoin price has shown an upward correction. Though the price continues to remain 24% below June’s high of $13,930, it is steadily climbing towards the resistance level of $10K. Experts believe that the turmoil caused by the Brexit debacle makes for a strong investment case for Bitcoin. Undoubtedly, Bitcoin’s price has gone up as the British Pound has gone south. Some speculate that no deal-Brexit could actually trigger a major breakout for Bitcoin this year. Overall investor interest in Bitcoin has increased as fundamentals supporting the cryptocurrency remain strong.

There is positive support and sentiment for Bitcoin, but not in comparison to gold, silver, and other commodities. Bitcoin may plummet further and hit the $5K level by the end of 2019. Stay connected with Crypto Trader News to keep tabs on what’s happening in the crypto markets and trends.






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