Bitcoin is moving down to $3,400 with over 3 percent loss in the last 24-hours while altcoins fall even harder between 4 to 10 percent range. With Bitcoin in red, could it mean we will finally see the bottom now?
Bitcoin Inching Closer to $3,400
Bitcoin has taken a fall of 3.24 percent in the last 24-hours, dropping down to $3,480, according to the data provided by Coinmarketcap. On Bitstamp, the price has gone down to $3,440 at the time of writing. The leading cryptocurrency is currently managing the daily trading volume of $6 billion.
Bitcoin 1-day price chart, Source: TradingView
As Bitcoin takes a drop, altcoins fall even harder. Ethereum is inching closer to touching $100 with close to 7 percent losses. XRP and Litecoin both have taken a hit of about 4.85 percent. While after Bitcoin, Monero is in the red by the least at 3.79 percent.
Among the top cryptocurrencies, IOTA is down the most by over 10 percent and Bitcoin Cash which is down by 9.83 percent. Stellar and Bitcoin SV are falling by more than 9 percent.
Is Bottom in Sight?
With Bitcoin taking a hit of over 3 percent, could it mean the bottom is here? On the weekend Alex Melen, an entrepreneur and crypto enthusiast shared a chart noting the last time in 2014-2015 the bears bottomed out.
“Some Saturday cryptocurrency & bitcoin optimism for you guys. ‘Last time the 50 and 200 average crossed on the 4 day chart was at the bottom of last bear market.’”
Recently, we reported, that crypto trader Moon Overlord shared the fact that Bitcoin ETF proposal removal didn’t affect the Bitcoin price is a good thing for the market and Bitcoin bottom could finally be in. However, other industry experts and analysts have previously called out Bitcoin to hit bottom at $3,000 or below.
Meanwhile, crypto trader Eric Choe is rather long on Bitcoin as he just took to Twitter to share,
So, it’s yet to be seen if Bitcoin would finally hit the bottom this time. And from there we just might start seeing an upward movement as Moon Overlord stated a few days back,
“Bitcoin has traditionally starting pumping around 1 year on average before it’s halving date. The next halving is estimated to be May 2020, meaning that the uptrend will begin in May of this year. In which case you’d only have a few months left to buy BTC at this low of price.”
Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.