Today is a solemn day for the crypto market with many of the top cryptocurrencies down around 13-17% as according to coinmarketcap.com. With bitcoin (Bitcoin) hitting a new low this year and breaking the psychological barrier of $4,000 towards the $3,700 mark.
Lately, the market has been experiencing one low point after another, with many from the community expecting a rebound due sometime soon. These crypto evangelists have been going on and on, about how we will surely see a surge in the coin, however, the end of the year is nearing and all that can be seen is a very bearish market. One such opinion is held by Mike Novogratz, CEO of crypto investment firm Galaxy Digital believes that the first cryptocurrency will rise to $10,000 in the first quarter of 2019:
“By the end of the first quarter [of 2019], we will take out $10,000. And after that, we will go back to new highs — to $20,000 or more.”
Novogratz’ prediction still has time to fulfill itself, however, the most recent price fall has shaken the community, and it is hard to expect something at the moment. A Reddit user summed up nicely the general mood concerning bitcoin’s situation.
And while some still hope that the crypto father with all his children will soon stop plummeting, Genesis CEO believes that bitcoin will hit the $3,000 barrier.
Anthony Pompliano, founder and partner at Morgan Creek Digital, an investment management firm, is optimistic about the future.
Pay attention to the Bitcoin haters taking victory laps right now.— Pomp 🌪 (@APompliano) November 25, 2018
Screenshot their tweets. Bookmark their blog posts. Remember the names.
They’ll be wrong just like every other time. Bitcoin isn’t dying.
Those who believe and remain disciplined will be rewarded handsomely.
While the community is as ever divided, you can read last weeks price analysis, which looks at the possible trajectories bitcoin can take. The drop that occurred is predicted by the descending channel scenario, which if it continues, there is a possibility of seeing bitcoin fall as low as $1,500.
We will have to wait and see which road will the crypto father go down… or up, but one thing we can be certain of, that any talk about bitcoin becoming less volatile, has seemingly gone out of the window, with a magnificent bang.
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