On December 4, Bitcoin (BTC)—the biggest cryptocurrency on the market—saw its value drop to below US$4,000 following a massive market crash earlier.
Bitcoin (BTC) drops to below US$4,000 once again, compounding on the misery BTC holders have been experiencing for a great majority of 2018.
The pioneer decentralized cryptocurrency has reached its all-year low earlier from US$6,460.54 on November 14 to barely above US$3,800 10 days later. This fall was after a market crash many have attributed to the then-ongoing Bitcoin Cash (BCH) hash wars.
The crypto recovered shortly and hovered above the US$4,000 levels for a week before falling to the current price of US$3.922.55. The current value of Bitcoin—like most digital coins—is a far cry from its recorded value in early January, when the crypto’s popularity became mainstream.
— David (@TheNoobOfCrypto) December 4, 2018
Many experts on the field predict that the bearish crypto market will continue.
One of these experts is Michael Novogratz—founder and CEO of digital assets merchant bank Galaxy Digital—who believes that Bitcoin would remain around its current level until institutional investors enter the scene, which, on his estimate, would happen in February.
Novogratz, a former hedge fund manager, said:
“Listen, we’ve had an undeniable retail bubble. It was a frenzy that popped in December, January. We’re stuck in the in-between now. We are waiting for the institutional adoption. I would bet by the second quarter, you’re going to start seeing real institutional buying.”
Analysts also believe that Bitcoin would not be ending 2018 on the moon, given the previous historical trends and the current bearish sentiment dominating the market. Their forecast contradicts double-digit predictions made by crypto personalities earlier this year.