Bitcoin Dropping to $2,700?

[ZionRTZ]

The Bitcoin price has performed relatively well in comparison to other major crypto assets and small market cap tokens in the past seven days.

But, the lack of volume in most Bitcoin markets has put the dominant cryptocurrency at risk of dipping below key support levels below the $3,000 mark.

DonAlt, a cryptocurrency trader and technical analyst, wrote:

“As BTC is approaching the target of the 2014 fractal the targets of most people change from 3k to 1k and even lower. I still think $2,700 is an excellent place to buy if we should go there. ‘History doesn’t repeat itself but it often rhymes.’”

This from the article: https://www.ccn.com/crypto-market-risks-dip-below-100-billion-after-dropping-15-billion-in-bad-week/

Crypto Market Risks Dip Below $100 Billion After Dropping $15 Billion in Bad Week



In the past seven days, the valuation of the crypto market has dropped from $117 billion to $102 billion, by just over $15 billion.

Major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) performed poorly against the U.S. dollar, experiencing losses above the 10 percent mark.

Out of the three most valuable crypto assets in the space, the Ethereum price suffered the worst drop as ETH declined by more than 13 percent from $98 to $84.

Bitcoin at Risk of Dropping to $2,700?

The Bitcoin price has performed relatively well in comparison to other major crypto assets and small market cap tokens in the past seven days.



But, the lack of volume in most Bitcoin markets has put the dominant cryptocurrency at risk of dipping below key support levels below the $3,000 mark.

DonAlt, a cryptocurrency trader and technical analyst, wrote:

“As BTC is approaching the target of the 2014 fractal the targets of most people change from 3k to 1k and even lower. I still think $2,700 is an excellent place to buy if we should go there. ‘History doesn’t repeat itself but it often rhymes.’”

The analyst added that while a drop below $3,000 is always a possibility, shorting the asset can be highly risky in a period of uncertainty and extreme volatility.

“If you exclude the wick that ended the last bear market, we’re already there. Excluding it might be reasonable because even though this drop is very similar, the market is more liquid & sophisticated than back then. Not the place to add new shorts, in my opinion,” he added.

Major markets like South Korea and Japan have also started to demonstrate a noticeable decline in volume and overall demand for the asset class.

According to CryptoCompare, a crypto market data provider, Japan and South Korea, which consistently ranked above the U.S. throughout the 2017 bull market, only account for around five percent of global Bitcoin volume.

In contrast, the U.S. now accounts for 17.6 percent of international Bitcoin volume, excluding the volume of Tether (USDT).

Bad State

For the first time since Aug 2017, the crypto market is set to drop below the $100 billion mark, mostly fueled by the underwhelming performance of low volume cryptocurrencies.

A handful of tokens in the likes of ICON (ICX), VeChain (VET), and Zcash (ZEC)  have seen a 95 percent to 99 percent decline from their all-time highs. At its peak, ICX was valued at $44 billion. As of December, the market cap of ICX remains below the $100 million mark.

If cryptocurrencies remain in a bear market throughout the first several months of 2019, tokens and low liquidity tokens will continue to drop in value against both the U.S. dollar and Bitcoin.

As of current, there exists significant risk in shorting and longing Bitcoin and other major cryptocurrencies in the market, and many investors are observing the short-term trend of the crypto market by holding out on trades.

[mlawson71]

I think we'll almost definitely see it depreciate below $3,000. How much lower it will fall? Time will tell.

[Sabarhati]

yes we are just waiting for how sharply bitcoin will go down, and go back up again, just wait for the date of the game, as players and spectators, just be quiet and stay patien

[DeKingCrypto]

I am feeling that bitcoin price may even dropped to $2000 before a bull run which I am assuming to happen sometimes next year in 2019.

[MVT$]

With the decreasing demand or volume, we can expect Bitcoin to really drop to $2,700 or even lower.

[hyipmentor]

bitcoins volume is decreasing and market cap also.it seems we are not bottom yet.i hope bitcoin will not go down to 2700.
bitcoin rebound in january i think.

[juv3ntus1]

I my oppinon  its possible the price of bitcoin drop more down to 2700 $ its to much fud and bad news about the cryptocurrency market righ now,even the sec delay again to make a decision for february  2019

[xeroz]

This is very bad news for bitcoin holders. Actually I am surprised with this news that Bitcoin potentially drops to $2,700 or even lower. To be honest, I think the bottom price is about $3,000 but according the information above I should agree that it is very possible to go down even lower.       

[Jetski]

There's a big possibility that bitcoin drops to $2700 or even drops because until now the market did not response well and a lot of people already losing too much.

[Bit]

Now, It mustn't drop below $3,000. The current price is about $3,919 and it looks like to go up again. I think the market has tried to recover gradually. So, we can see the price of improving in the near future. 

[Falcon]

It is rising again approaching $4k.
I think it will not drop below $3500 but will increase slowly and make bitcoin value more expensive.

[Niteroy]

I think that this price of $2,700 is quite real and good for buying, but in recent days the price drop has stopped and the price of Bitcoin keeps at around $3,900. Maybe you need more time to reach the price below $3,000, especially since I know that many investors are waiting for the price to go down to $2500- $2600 so that you can buy Bitcoin.

[Contagem]

Although many people say that the price of Bitcoin can drop to $2,000, I think this is unlikely. But if the price drops to this mark, then I will definitely take a moment and buy a certain amount of Bitcoin or other coins, because this is a good price.

[Jacky]

Now the price of Bitcoin is $3,943. It almost reaches $4,000. I think it won't drop again with a high amount. So, I am confident it will survive above $3,500. $2,700 is very far away from the current price.

[Moshaid]

In as much as I would love to see bitcoin fall below this price, I don't think that could ever happen. The market is really tough to give an sought of prediction but I won't be surprised to see bitcoin fall below this price.