Bitcoin Analysts Explain What Will Happen to Bitcoin After Crash

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Bitcoin Analysts Explain What Will Happen to Bitcoin After Crash

Today, things got ropey for Bitcoin, just as a few cryptocurrency analysts yesterday predicted that it would. The price of Bitcoin, which had hit its all-time high, $19,816, plummeted to $18,543. Then it recovered to $19,364 before falling to its current price, $18,936.
The big question: why, and what happens now? Decrypt asked the experts.

Charles Bovaird, an analyst at Quantum Economics, told Decrypt that the simplest explanation is that, “after rising to an all-time high, traders took profits, causing Bitcoin to retreat.”

In 2017’s bull run, Bitcoin fell after reaching each new milestone. On December 8, 2017, 10 days before Bitcoin hit its all-time high, Bitcoin fell to $13,630 just two days after it hit its second highest price of that bull run, $18,268.

Of course, when Bitcoin hit its previous all-time high on December 17, 2017, it crashed so hard that it’s taken three years to recover.

Eric Wall, chief investment officer at crypto investment firm Arcane Assets, said that the dip is down to “overly skittish” traders, worried that Bitcoin has already hit its peak. Unsure of when Bitcoin will crash, they cash out early to avoid losing all their money.



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