Bitcoin Still Dropping. How Low Can It Go?
Bitcoin could be gearing up for a crash if the current trend continues, and that would be devastating for the industry.
Bitcoin (BTC) continues to fall today, down to $61,719 (BTC/USD), and investors are worried that it still has further to fall.
The coin has lost 1.13% over the last day, which brings it to a loss of 6.82% for the last seven days. It looks like Bitcoin is not done falling either and is continuing a bearish trend that has caught many industry insiders off guard.
The last time we saw Bitcoin this low was back at the end of February, when Bitcoin was gearing up to set a new record high. Two months of gains have been wiped out now, and there are multiple factors working against Bitcoin to keep it from surging back up toward the $70,000 level.
Disappointed Investors
When Bitcoin halved, that was supposed to spur the coin on to greater heights. That did not happen, of course, and Bitcoin fell before and after the halving, finding a strong resistance level just below $70,000.
Many investors were waiting for the halving and holding onto their coins in the hope that the event would allow them to make a tidy profit. When they saw the writing on the wall for the crypto industry, they started to bail, and we have witnessed a major selloff of bitcoins in the past few weeks as more and more investors give up on their crypto holdings.
A Tough Economy
Many industry analysts are not hopeful that Bitcoin will turn around anytime soon, because they are looking at the high inflation rate and the state of the economy. With the economic conditions the United States is experiencing right now, along with much of the world, there is little hope that inflation will decrease.
That makes it difficult for Bitcoin to get out of its downtrend. If Bitcoin were to go bullish, we would not expect that to last very long, and the odds are long that it would even hit $65,000, much less $70,000.
Our prediction is that Bitcoin will hit $60,000 soon and may find some resistance there but will likely fall below that level for a short period.
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