Bitcoin Price Seek Support at $6, 700 as Cryptocurrency Market Continue to Decline

BTC Seeks Support at $7,700 as Crypto Market Keeps Shaking

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As of now, Bitcoin has dominated the cryptocurrency market. Still, cryptocurrency has continued to surge in popularity. According to a report published by a global broadcasting media house, Bitcoin rate is likely to fall to the higher end of $6,500 margin in the short-term.

It didn’t take long as the price fluctuated from $9,320 to $7,350 just recently. That represented a significant drop. At one point, it dropped below $7,300. Several factors attribute to such situation, some are following.

Lack of Momentum

2018 has been a tough year for Bitcoin. As we speak, the cryptocurrency has undergone three major adjustments in price.

The first correction was on February 7, the second one was on April 10, and the third was on May 25. The first change saw Bitcoin rate dropping from $19,900 to $6,100.

This represents more than 69% drop in price. The second phase was a 46% drop from $12,000 to $6,400. The third stage declined by 28% from $10,000 to $7,200.

The first correction took approximately two months while the last two took about a month each. On average, bitcoin has experienced a five-month price tendency. And it’s likely to make a recovery from the $9,300 mark in few months’ time. Still, it’s going to bring stiff competition to other cryptocurrencies in the long-run.

Immediately after bitcoin gets above the $8000 mark, a store period is expected in the market. As a result, the cost of bitcoin will increase leading to securing strength. The constant reservation season could be a perfect scheme to push the price of cryptocurrencies high.

Despite the bright roadmap of bitcoin, it’s critical to understand that BTC and the entire market are in a bear cycle. Besides, only if bitcoin rise above the $6, 800 margins, the bear cycle will continue.

Subsequently, analysts like Willy Woo have predicted that BTC can fall up to $5,000. But it is only possible if the crypto falls below the $6,500 mark and fails to sustain the $6,800 support. At the moment it’s unlikely bitcoin will fall under the $6,000 mark.

Altcoins and Tokens

To invest in alternative tokens and cryptocurrencies in a difficult phase in an unpredictable market is equal to forced exchange. It’s because tokens got raised up and down movement in price. They got a massive price movement, but the movement is similar to that of BTC.

Ethereum, bitcoin and other tokens have responded well versus significant cryptocurrencies. Even so, they were unable to avoid the bear market cycle. Other tokens like Zcash, ICON, ox, and WanChain showed upgrade and headway in long-term plans, technology, and improvement. They experienced a decline in the past month.

As it stands, traders and investors are not willing to sell bitcoin at the current rate. Even though expert opinions point somewhere, it’s unlikely that Bitcoin will fall below $6,000 in the short-term. Still, the market estimation of cryptocurrency is unlikely to fall below $300 billion margins.