New yearly lows were achieved by Bitcoin over the weekend. While most Americans were roasting turkey over the weekend, Bitcoin as well as most other major cryptocurrencies, were being roasted in value. Bitcoin’s new yearly low comes in at $3,456, roughly 80% lower than its all time high back in December of 2017.
Many concerns surround the cryptocurrency all star as its prices have continued to plummet over the past two weeks. With the Bitcoin Cash hard fork on the 15th, and falling hash rates both contributing to the gloom surrounding Bitcoin, some have even gone as far as to say that Bitcoin is dead.
Though most news surrounding Bitcoin has been grim the past two weeks, a ray have sunshine has managed to break through the clouds early this morning.
For the first time in over a week, all of the top ten major cryptocurrencies are reporting in the green except for Ethereum ringing in at a -0.04% at this time. Over the past 24 hours, all of the top ten have reported gains in value between the 5% to 12% range, signaling the possibility of a short term recovery rolling through the market.
Is it to good to be true?
While the current recovery state of the market may seem like the clouds of gloom are breaking away from the market, the storm may still be among us.
Over the weekend, Ethereum fell into the double digit realm of $98 for the first time since May of 2017. Ethereum has since recovered to $109 but may be poised to only fall into the double digits once again.
Top market analysts including Don Alt and Alex Krüger believe that this moment of stability is only short term, and the bloodbath is only going to continue. Alt believes that a recovery is likely at $3,500, but if Bitcoin dips below that, it will likely only continue down below the $3,000 level.
Alt stated that this is “The most insane dumping I’ve ever seen in crypto. I’ve outlined two possible daily zones that price could find support on, that said I still recommend waiting for the larger timeframes. They might give you a delayed entry, but they won’t chop you up.”
In conclusion, don’t let this short term market recovery pull the wool over your eyes. The bloodbath is only expected to continue due to the overselling of major assets. The possibility of Bitcoin dropping to a new yearly market low is large, especially if the market continues to dip further during the end of November.