Today if there is a question that is haunting many, and that is How Far Will Bitcoin Fall? Well, the world’s largest cryptocurrency has fallen to its lowest level in more than a year on Monday. If we analyze data from CoinDesk, Bitcoin has brought loses of more than 22 percent in the past seven days. After months of relative calm, the digital currency has started stumbling.
Bulls Pontificate, Where’s The End?
There is anxiety among the Bitcoin followers and they are asking, How far will the Bitcoin Fall? Not only Bitcoin but the two closest peers of Bitcoin also slid. Bitcoin cash slid as much as 15%. This has resulted in a kind of disruption of sell-offs for Cryptocurrencies. There are several reasons being offered for the Bitcoin crash and one of them is the launch of a new version of Bitcoin Cash. There is much concern among the traders if the action is driving investment away from the largest CryptoCurrency. The fall also comes after some warning from the European Central Bank.
Whatever be the reasons, now the concern is How Far Will Bitcoin Fall? However, there are analysts who attributed Bitcoin’s continued fall to technical reasons. Actually, it is hard to predict, how far will Bitcoin Fall? The currency had seen the epic rise after the American Holiday last year, reported CNBC. The currency topped $10,000 at the end of November last year, and worth almost $20,000 ahead of Christmas, and these were mostly driven by retail investments. There was a time when the currency had become a household name and a topic of discussion among the common masses. Some technical measures suggest more pain lies ahead.
The DMI, or the Directional movement index is showing biggest ever negative reading since 2016. There are some Skeptics who warn that this may only be the beginning, reported Moneyweb[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]