In another series of sell-offs, the Bitcoin news today show the most dominant cryptocurrency falling (again) by 10% and reaching $3,687 at press time. Given that the drop was kind of unexpected and fast, analysts are now questioning if the series of drops on the market could translate to a new yearly low.
As a reminder, Bitcoin established a yearly low for 2019 somewhere around $3,122 (December 15th, 2018). If the price of BTC drops one or a couple more times and falls below ,122, we will see a low that we haven’t since 2017.
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The intense sell-off led the Bitcoin price to drop further. According to the prominent analyst and trader Alex Kruger and his latest Twitter statement:
“What a majestic dump. BTC back to my buying area of 3500-3600. Below $3,300 exit and reassess. I’d like to see BTC ending the day above $3,700. Consolidation below $3,600 (bottom of prior area) would tilt the balance towards further downside.”
“The Crypto Dog” was also viral with his statement about the new lows for Bitcoin. As he tweeted:
“Not setting heavy bids but I would like to see BTC at $3,400 and ETH at $115. No reaction there and I think new lows are on the table. Nothing to stress about, all par for the course, cycles matter, long Bitcoin (without leverage) and continue shorting the banks they’re REKT.”
Cryptocurrencies with lower market caps have recorded substantially larger drops than BTC and ETH throughout the past week. For example, Cardano (ADA), Stratis (STRAT), ICON (ICX) and Bitcoin Cash (BCH) have all fallen by more than 10%, with Cardano recording the biggest low of 19% on the day.
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