Bitcoin has shattered the hopes of the bulls of the market with the huge plunge in valuation, resultantly dragging down the overall market cap. The valuation of BTC was stuck at $6,400 for a month or so before the market plunge was triggered. But last week, the valuation of BTC dropped drastically dropping from the support level hitting the $5,500 range.
Many analysts predicted that if the support level of $5,350 was touched and the price plunged below that, the valuation of BTC would hit $3,000 and also would have a possibility of hitting $1,250. In both cases which, the price would be the lowest ever for BTC in the history. The infographics of coin360 show how deep the market has dived with the plunge.
Following the trend of the market and the volatility meteor that hit the coin market, Anthony Parker, the founder of Cuberoot64 Ltd, blockchain strategist and crypto enthusiast advised the investors talking to BlockPublisher saying,
I wouldn’t recommend anyone who isn’t a professional trading the Crypto markets daily.
Further explaining his short term bear prediction, Anthony stated,
I can see it going down further before stabilizing whilst we find market volume. We’ve seen crypto markets correct by 95% which would leave Bitcoin at $1000. However, I don’t think we’ll reach that low. How low, I don’t know. To long term investors, dollar cost averaging in at these levels is ideal.
From the looks of it, the founder expects the crypto market to crash somewhere above $1,000 which would then be a better place to invest as the analysts of the market are saying that crypto works like a sling shot, the lower it gets the higher it would shoot. Sticking to this notion, it might be easy to say that if a particular investor holds BTC or any crypto in this hour, it would probably be the best idea. Vouching for this, Anthony said,
A HODL mentality will be a very profitable strategy if you can stomach it.
It is hoped that this plunge in the market results in a bullish run which has been anticipated by investors, crypto analysts and enthusiasts which would in turn also trigger crypto’s adoption in the mainstream.