Massive Bitcoin Crash! BTC Price to Drop Heavily If This Historical Scenario Repeats

Massive Bitcoin Crash! BTC Price to Drop Heavily If This Historical Scenario Repeats

The post Massive Bitcoin Crash! BTC Price to Drop Heavily If This Historical Scenario Repeats appeared first on Coinpedia Fintech News

Bitcoin (BTC) recorded its worst-performing year on record in 2018. The asset closed at a more than 70 percent lower price than its yearly open. Considering price action and network value, 2018 was a historically bad year for bitcoin. 

In an interview with Kitco News, crypto analyst aaron arnold aaron arnold host at at altcoin daily   Aaron and Austin Arnold founded Altcoin Daily. They're making videos on YouTube about Bitcoin and cryptocurrency news and information. And Altcoin Daily has been on YouTube since January 30, 2018, with over 1.22 million subscribers and 114,835,813 total views as of this writing.   In his YouTube account, he describes himself as, Huge Bitcoiners and approaches the wider cryptocurrency world with a "free market" mindset. Our personal goal is to stack more Bitcoin using cryptocurrencies.   As stated in his LinkedIn profile, he began working as a film and television actor for SAG-AFTRA in January 2014 and has continued to this day. From February 2018 to the present, he founded and is the host of Altcoin Daily. The Altcoin Daily YouTube channel features news, education, viewpoints, and opinions about cryptocurrencies, as well as market analysis. It presently has 1.22 million subscribers and 114,835,813 total views as of this writing. And he's got over 1600 videos on his channel.   Aaron stated that Bitcoin (BTC) will account for half of his portfolio because it is the gold standard for open blockchains. And a fifth of his portfolio would be allocated to Ethereum (ETH), the second-largest cryptocurrency by market capitalization, citing an increasing number of mainstream corporations choosing the Ethereum (ETH) blockchain as management. EntrepreneurInvestorMedia & PRPodcast Followers : 0 View profile claimed that the Bitcoin (BTC) Price seems to be showing similar market sentiments as of the 2018-19 bear cycle market.

As per the analyst, BTC price is hovering in a price range of $19,000 to $20,000. This is very similar to the 2018-19 trend when it was consolidating near $6,000.

Back in 2018 when traders and investors believed that bitcoin’s bottom was in, the flagship currency continued to drop more than 50%. Aaron highlighted that the risk of a similar scenario repeating is possible. Thus, he predicts Bitcoin price is likely to plunge to the $11,000 to $14,00 level or even drop to $6,000 in a worst-case scenario. 

The analyst sees a number of factors hinting at a price drop. The factors include high inflation, dollar devaluation, sovereign debt crisis, OPEC oil production cuts, and also the fact that BTC is still highly correlated with stocks.

Trading Volumes Give Hope for a Sustained Market

However, on other hand, Trading firm Cumberland shared a report mentioning that the market is still healthy despite the price crash with daily trading volumes of over $50 billion.

As per a report, Bitcoin price could also be showing signs of decoupling with the stock market.