Will Bitcoin Continue to Decline?
Leading cryptocurrency Bitcoin (BTC) rose to 5,800 levels after the interest rate cut in the evening of 15 March 2020. Bitcoin, experiencing a sharp decline after this, returned to the $5,200 levels.
Although the Fed’s decision on the interest rates and attempt to print money for monetary measures somewhat relaxed the markets; however it was not the case for Bitcoin. After the markets opened, Bitcoin fell to $4,980.
If Bitcoin performs like last week, it may draw a worse graph. Bitcoin, traded at $8,500 before, fell to $3,800 after hard sales.
Bitcoin has lost more than 40% at the end of the week, though it has shown signs of recovery after this sharp drop. According to analysts, $2,500 levels can be seen in a similar situation. This level is very risky for investors. Famous cryptocurrency analyst Tone Vays has made ambitious statements for this level.
Striking Bitcoin Review by Tone Vays
Crypto commentator and market analyst, Tone Vays, stated that the price decreases trends experienced by Bitcoin will not go any further, and that BTC will not fall below $3,000.
Vays stated that the price of Bitcoin (BTC) on Twitter may experience decreases, but will not decrease to the level of $3,000. Generally speaking, Bitcoin has become the most preferred digital asset. Tone Vays said that Bitcoin does not have a chance to fall below $3,000 even though it shows a downwards trend.
Is This a Buying Opportunity for Bitcoin?
Although Vays says he will make all his investment in Bitcoin if it goes down to the level of 2.500 dollars, there are those who opposes him. They think that it will drop to $1,000 after the $2,500 level. It is foreseen that Bitcoin price will increase after the coronavirus danger is passed. If you want to learn the latest developments about cryptocurrencies, you can follow our social media accounts.
Investment information, comments and recommendations contained herein are not included in the scope of investment advisory. Therefore, making an investment decision based solely on the information and comments contained herein may not produce results that are in line with your expectations.