Bitcoin seems to have called the top at $19,300 a coin attained earlier in the week following a sharp decline on Thursday morning. The world’s most dominant cryptocurrency lost almost $3000 in the last three days to $16,792.62 per coin amid huge sell off across the board. Cryptocurrency investors reportedly liquidated $950 million worth of positions across major exchanges on Wednesday, according to a data provided by Bybt. This triggers extensive price fall and likely to continue in the near-term.
“ The latest BTC price drop is the first of many tests for new money on whether they have the vision and stomach to truly invest in BTC and the future of digital finance, or if they’ll simply repeat 2018 and wash out of the market,” said Jehan Chu, a co-founder and managing partner at Kenetic, a Hong Kong-based blockchain investment and trading firm. Still, some experts believe this is a mere correction on Bitcoin’s path to $20,000 per coin projected by many cryptocurrency analysts. In fact, some experts predicted $318,000 per coin by December 2021. A shocking projection for an unregulated digital asset struggling to gain the attention of mainstreet investors and everyday people.
“ I think this is a correction before we break $20,000,” said Ki Young Ju, CEO at analytics firm CryptoQuant. “Other long-term on-chain indicators like BTC and stablecoin reserve say the potential buying pressure still prevails so far. ”