Bitcoin Market Cap Establishes New 13-Month Low, Drops to $92.53 Billion

Bitcoin Market Cap Establishes New 13-Month Low, Drops to $92.53 Billion

The market cap of the worlds leading cryptocurrency has established its new yearly bottom.

Bitcoin on Monday continued its downtrend, and its valuation dropped to a new bearish low at $92.53 billion. At the same time, the price of the digital currency fell to an average of $5,322, according to aggregate data available at CoinMarketCap.com. Overall, the bearish action intensified the possibility of Bitcoin establishing a double bottom anytime this year.

As reported on CCN last week, the forking of Bitcoin Cash has turned out to be the main catalyst behind the market-wide downtrend. Bitcoin is an asset that is more stuck inside unwelcomed negativity, especially when the chief of a big mining company decided to reallocate their Bitcoin hash power to support Bitcoin ABC, one of the Bitcoin Cash blockchain splits. While the trend should live for short, it has left a big dent on the face of the entire crypto market, which now appears more unstable to potential investors than ever.

Analysts now forecast an extended downside run for Bitcoin. Leading crypto pundits Willy Woo and Crypto Rand believe that the digital currency could drop further towards the $4,500-5000 range. The prediction via Bitcoin NVT ratio, which divides the digital currencys market cap by its average daily volume, is also bearish. It plays into a narrative of bitcoin doubling down its value in the near-term future.

A different analysis by Bitcoin bull Tom Lee predicts Bitcoin to reach $15,000 by the end of this year, calling the aftereffects Bitcoin Cash forking short-term. However, Fundstratfounder has deviated away from its $25,000 prediction made earlier this year, indicating that it is going to change every time in the face of new fundamentals.

Technical Outlook

The latest price action does not surprise CCNs technical outlook. It had predicted that Bitcoin price would attempt to retest its previous low or the lower trendline of the current falling wedge formation at most. There is a strong likelihood that bulls will try a strong upside correction, giving adequate long opportunities towards the level mentioned via the Fibonacci retracement graph in the chart below.

BITCOIN 1D CHART | SOURCE: TRADINGVIEW.COM

A further breakdown from here could bring the Bitcoin market towards the bearish targets of prominent analysts as mentioned above. Therefore, $5,000 serves as a potential primary downside target should the price breaks below the lower trendline of the falling wedge formation.

Featured Image from Shutterstock. Charts fromTradingView.

19.11.2018 / 05:45 15
Another $4 Billion Drop: Crypto Market Downtrend Continues as Bitcoin Cash Falls Another $4 Billion Drop: Crypto Market
Over the last 24 hours, the valuation of the crypto market has fallen from $185 billion to $181 billion, by around $4 billion. On November 15, amidst
Bitcoin Break to $5,600 is Good For Crypto, Says Major Investor Bitcoin Break to $5,600 is Good For
Bitcoin price tanked more than 10 percent on Wednesday after months of low-volatile action. As the market prepares for further slides, a prominent
Crypto Market Loses over $8 Billion in Market-Wide Selloff, Intense Downtrend Crypto Market Loses over $8 Billion in
Today is a tough day for cryptocurrencies. A large-scale selloff action has erased over $8 billion off the crypto market. The total market
Bloodbath: Crypto Market Drops in $8B Wipeout; Bitcoin Cash Down 24.4% in 1 Week Bloodbath: Crypto Market Drops in $8B
Over the past 12 hours, more than $8 billion was wiped out from the crypto market, as several major digital assets including Bitcoin Cash (BCH) and
Cryptocurrency Market Cap Drops $17 Billion in Bearish Correction Cryptocurrency Market Cap Drops $17
A widespread bearish correction across the cryptocurrency market ledto losses worth more than $17 billion. Almost all the top coins, including
Crypto Market Drops Another $10 Billion as Bitcoin Price Retreats to $6,150 Crypto Market Drops Another $10 Billion
Over the past 24 hours, the valuation of the crypto market has dropped by $10 billion, as bitcoin fell to $6,150 and ether dropped below $440. Even
Comments (0)
Add a comment
Comment on