Bitcoin Price Drop Explained
Since the start of the 2018 BTC lost more than 60% of its value. Now the price hovering around $6,500 and it could continue to fall.
“Bitcoin is going down because the hype is over and started to fall and people that bought at a higher price start to feel really bad about their purchase and they sell. And as long as bitcoin is going down no one is ready to buy it. But people are still ready to sell. When the last guy panics and eventually sells, there will be nobody left to sell. And the only people left will be the buyers”, explains Tone Vays in the interview with NakamotoJedi.
As for the price of BTC, it may drop to $3,000, as bearish sentiment prevails in the market. But according to Tone Vays "true valuation of bitcoin is for today, somewhere between $4,000 and $5,000".