Crypto What is responsible for Bitcoin's sudden fall amidst the $100k price prediction?

Victorial

Active member
Just on Friday, Bitcoin dropped tremendously with other assets and it is looking like it will drop further. Accordig to FTX data, the world's biggest crypto coin fell by 10% for the day to the $54k price mark and it is currently trading on that price value. It is sad to report that that is the lowest it has reached since early October. In fact, the global crypto market value decreased.

With the $100,000 price mark still farteched, Bitcoin fell more than 20% after reaching an all-time-high of nearly $69,000. This was somehow attributed to the pandemic as the effect of the COVID-19 lingers on. This has caused digital assets to fall alongside other assets. United States futures plunged sharply and European stocks suffer a massive downfall in price.

Bitcoin holders will be confused as to whether to sell their coins or not. With gold also dropping, I don't know any asset worth keeping. This is the true definition of volatility.
 

Sotherefore

VIP Contributor
The point is that cryptocurrency is just volatile as you have just seen. That is what we have to understand about the nature of cryptocurrency. Like that year it was predicted that the price of bitcoins will reach 100,000 dollars before the end of the year and this prediction was being done I think that was the first and the second month of last year, but unfortunately the price of bitcoins was not able to reach the predicted price and the highest the price of bitcoins reached during that time was 69, 000 dollars, since then the price of bitcoins has dropped drastically.

Some of this thing is because of how cryptocurrency was being program to run and sometimes it is also because of certain news that is affecting the crypto space.

Predicting about the movement of a particular cryptocurrency is not really a guarantee that the cryptocurrency will definitely reach the predicted price. when an expert predicts all this thing, it will be base on the indication and what they have seen.

This year too, it was even predicted that the year will be full of bear market and that is exactly what we have seen immediately we crossed over to this year.
 
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