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On December 15, the price of Bitcoin fell to a new annual low of $ 3,122, after a two-week sell-off from mid-November.
The intense sell-off of the cryptocurrency market on January 10 led the price of BTC to fall below the value of $ 3,600, which could put an end to the corrective meeting that the market has started to take into consideration since December 17 .
Analysts see new Bitcoin lows on the horizon
Before the fall of Bitcoin below the value of $ 3,600, Alex Krüger, a cryptocurrency trader and global market analyst, said that a potential fall below $ 3,600 could bring the price of the BTC to fall between $ 3,000 and $ 3,500,
he He said:
What a majestic landfill. BTC returns to my purchase area of 3500-3600. Under $ 3,300 exits and revalued. I'd like to see BTC ending the day above $ 3,700. Consolidation below $ 3,600 (the previous area fund) would incline the balance towards a further decline.
A cryptocurrency trader with an online alias "The Crypto Dog" echoed Krüger's sentiment, pointing out that the new lows for Bitcoin are on the horizon and that investors should not be surprised to see the downward movement of BTC escalate short term.
"Do not set heavy bids, but I'd like to see BTC at $ 3,400 and ETH at $ 115. No reaction there and I think the new lows are on the table Nothing to worry about, all on par for the course, the cycles count, the long Bitcoin (without leverage) and continue to short the banks are rekt ", the trader has explained.
In the last 48 hours, the cryptography market has lost over $ 16 billion in valuation, as the daily volume of encrypted assets rose from $ 15 billion to $ 23 billion, mainly due to the increase in sales volumes and of pressure on low-liquid assets.
Cryptocurrencies with low market limits and low volumes generally recorded substantially higher decreases compared to Bitcoin and Ethereum during the last week.
Cardano (ADA), Stratis (STRAT), ICON (ICX) and Bitcoin Cash (BCH) were the digital assets with the worst return on the day, with Cardano reporting a loss of over 19 percent compared to the US dollar.
While Cardano and Bitcoin Cash have relatively high daily volumes of between $ 80 million and $ 350 million, tokens are currently showing a volume of less than $ 10 million on average, leaving them vulnerable to short-term sales.
What's in Store For Bitcoin?
Bitcoin could engage in a corrective rally following a sharp decline in prices, but it is clear that the encrypted winter is in full effect and the cryptographic resources are proving wild volatility in a low price range.
The dominant cryptocurrency showed virtually no signs of a major turnaround in the months of December and January, struggling to recover beyond the $ 4000 region. As such. BTC is expected to remain volatile between $ 3,000 and $ 4,000 in the near future, as low-cap market encryption activities have difficulty coping with sales intensification.
Shutterstock foreground image. TradingView Charts.
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