Bitcoin may be set to lose another $1000 in value before things really get better…
Whilst the past 24 hours has finally seen some stabilising in the price of cryptocurrencies, the market may not be out of the proverbial woods just yet. Bitcoin’s price, for one, has steadied around the $4500 mark, after a week of very dramatic falls. The coin is trading at some $2000 down on eight days ago, and it’s been a blessed relief just to have that drop arrested.
But the worst may not yet be over.
Analyst Jani Ziedins, of CrackedMarket, still reckons there’s a further drop to come. Zeroing in on the price of Bitcoin, he told Marketwatch to “look for the selling to continue over the next few days”.
How low will the price go? Well, he doesn’t reckon it’s going to plunge much further. “A bounce off of $3.5k-ish that returns to $5k is likely. While that doesn’t sound like a lot given the latest tumble, a bounce from $3.5k to $5k is a nearly 50% payout for just a few days of work”, he argued.
He appears more an advocate of the long term approach, but also reckons the next few weeks could be quite lucrative to some. “This is not for the faint of heart, but there will be nice rewards for those willing to jump aboard the inevitable bounce”, he argued.
Whether investors, bruised by the last week, want to gamble on his words proving correct remains to be seen. There’s been a lot of selling off over the past week. Now we wait to see if the buying will begin in earnest again…