Bitcoin, the first and the original cryptocurrency, has seen its lowest price in 2018 by declining to 4,446$ and at one point going even slightly below the initial price.
The crypto was able to take a brief pause with the latest rebound that aided the market in acquiring some gains within the series of negative market trends.
However, despite acquiring 3% of gains in the course of several hours on November 20th, Bitcoin was seen dropping back again.
At this point, the drops are marked below -1%, however, any gains are now more than welcome in the market given the fact that BTC is not the only crypto touching its new low for 2018.
Bitcoin is Dipping Once Again After a Brief Break
At the beginning of November cryptos were able to take a break and enjoy more benevolent market trends; however, not all cryptos were able to make gains against the fiat before the dip came at the beginning of the second week.
In the second week of November, already major dips were noted for some cryptos, however, the real dip took place in mid-November when BTC dropped below the initial price of 6,000$, declining from the price of around 6,400$ to the value of 5,500$ in less than two weeks.
Bitcoin (BTC) – weekly chart – Coinlib
The dips pertained further, which brought BTC down to below the price of 5,000$, driving it even lower to 4,400$.
Bitcoin is traded at the price of 4,475$ at the moment after the rise of 3% and the drop of less than -1%.
Despite a brief break that came with the morning on November 20th, BTC is seen down with the rest of the market.
Is Bitcoin Able to Take a Rebound by the End of December Despite the Current negative Trends?
Many analysts are indicating that Bitcoin will, in fact, be able to take a rebound in December, with Binance’s CEO, Changpeng Zhao, also claiming that Bitcoin will definitely take a rebound and get back to a more flattering value.
CZ stated that BTC will surely take a rebound, only without any certainty about when this case scenario could take place.
Perhaps the year of 2019, only several weeks away from now, will bring more stability to the top crypto that represents more than 50% of the entire cryptocurrency market.
As the currencies are taking a mass dip, it yet remains uncertain whether Bitcoin will make it above the price of at least 6,400$ by the end of December, which was the initial price of BTC before the November dip.
Additionally, BTC is dipping by over -44% on its year to date chart, also showing a negative return on weekly and monthly charts altogether, which means that the crypto might have some difficulties with getting back on the track without a proper momentum.
As an alternative answer to why BTC is taking such massive dips, some anti-Bitcoin lobbyists claim that Bitcoin has no true value which is “finally” reflecting with the latest dips.
However, one must not forget that Bitcoin is not the only currency dropping for weeks, as the entire market seems to be collapsing.
Image Credit: SlashGear
