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But the digital asset could be the source of even more difficult times, predicts a Bloomberg analyst. Mike McGlone gave a grim prediction for BTC, suggesting that its price could be headed for $ 1,500 (£ 1,170). His comments come after the abysmal November of the currency of the flagship, which was part of the harsh year in general for the cryptocurrency markets.
BTC had begun to find stability in recent days – but the low volatility seemed to be short-lived when the main crypt hit the low at $ 3.30 (£ 2.68) at 1.28 on Friday.
The sudden fall in prices meant that the asset had fallen to its lowest level – in terms of price – throughout 2018.
In a report published on December 5, Bloomberg's technical analyst Mike McGlone explained that the bitcoin is currently stuck in a downward (bearish) momentum.
He said: "There is little to avoid that the faded bitcoin prices reach the continuous average of $ 1,500 (£ 1,170).
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"A rush towards investor outings seems to be okay.
"The hard rope was a key factor that signaled that the technology is too nascent.
"You had these menacing characters who threatened to destroy each other and the institutions said," It could be better if we stay away from this for a while ".
The so-called "fork" that Mr. McGlone referred to was widely blamed for the November price drop.
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The McGlone report also mentions the recent tightening of the Securities and Exchange Commission (SEC) on Initial Coin Offerings (ICO) and the committee's hesitation in approving a bitcoin Exchange-trade fund (ETF).
In November, the price of bitcoin fell more than 40 percent, accumulating the largest monthly decline in asset prices over the past seven years.
However, the global adoption of assets has increased since its beginning a decade ago, after an individual – or a group of people – under the pseudonym Satoshi Nakamoto published a document entitled "Bitcoin: an electronic payment system" peer-to-peer "to a group of so-called Cypherpunks.
Of the future of cryptocurrency, McGlone said: "The trend is represented by lower prices, lower volatility, reduced speculation and the preponderance of stable currencies".
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Another expert in encryption, Anthony Pompliano, has agreed with McGlone on the possibility that BTC will fall further.
He said: "The 85% from the historical maximum is where we will end.
"It puts it around $ 3,000 (£ 2,300.) I arrived close on the weekend, but probably a little more to fall".
But CoinCorner's co-founder and CEO, Danny Scott, was more positive in his prospects for the digital asset, explaining that "the industry is still very young".
He told Express.co.uk: "If we look back at Bitcoin's brief 10-year history, it has seen many price fluctuations – something that can be expected since the industry is still very young".
He added: "Over the years there have been a considerable number of price movements that have generally gone unnoticed by anyone, except those in the industry.
"For example, in 2013 we saw the price drop of 49.88% in just 14 days, which is a greater drop than we have seen over the past two weeks.
"By observing the historical price movements of bitcoins, we can clearly see that price movements, like the most recent ones in November, are nothing extraordinary for the bitcoin industry".
