Why Bitcoin Price Fell from $20,000 to $6000

Valuation of Bitcoin is quite unstable. Initially it displayed a great movement. If you pay attention on history of this cryptocurrency, it touched the $20000 mark initially and then its value reached below $10000 and soon after that it went down to $6000. This cryptocurrency is dropping and it is witnessed for about 6 months now. This may be the reason; customers are losing interest in other cryptocurrencies.

Nunn stated in report of Bitcoinist.com that in the year 2018 Bticoins’ price would reach bottom of $6000 and peak of $60000. Therefore, as per prediction it is believed that Bitcoin is about to crack $60000 mark at the end of 2018. According to Bitcoinist, the first segment of Nunn’s prediction become true in February’s first week when the price of Bitcoin reached below $6000. Many people are eagerly waiting whether Bitcoin will reach to $60000 mark by the end of 2018 or not.

All the money that exists in cryptocurrency right now is from public; therefore it is all related to the market sentiment. Therefore, a bad news may affect the market deeply. Nunn also adds that industry is not big enough; therefore market manipulation holds an impactful place.

Nunn also mentioned that cryptocurrency is a younger market in comparison to conventional markets and small market cap of cryptocurrency makes it simpler to manipulate. Along with that, he also mentioned that regular waves of news related to security, technology and regulation make the cryptocurrency market completely unique.

Time will tell the truth soon, whether the prediction will come true or not. Bitcoin has emerged as a quite trusted cryptocurrency, though it has faced few fluctuations in between; even then it has dragged the attention of plenty of investors all around the globe. If prediction goes right, then Bitcoin will write a new history.

Comments (No)

Leave a Reply