This morning, Bitcoin has sunk below $9500 for the first time in a month, and some investors are worried.
William Suberg describes the market turbulence at Cointelegraph:
The turbulence began late on Wednesday, Bitcoin markets shedding $500 in minutes to completely lose support at $10,000. Selling pressure then mounted, BTC/USD putting in a local low of $9,350 before stabilizing closer to $9,500,” Suberg writes. “Expectations had been mounting throughout the week that Bitcoin would break its sideways trading pattern to produce fresh volatility.”
A corresponding drop in Ethereum brought in that price down to $170 with RT host Max Keiser declaring that ETH value could soon be half of that, with BCH and BSV, in his view, also headed for downturns of their own.
“BTC dominance climbs as alt-season fails to materialize and alts resume downward trek to oblivion,” Keiser tweeted today. “BCH and BSV have another 90% drop to go.”
Some detractors are using the current price drop to ‘neg’ Bitcoin, implying that it’s not the safe haven investors have considered it to be while it floated above $10,000.
“Bitcoin has again failed the safe haven test,” Peter Schiff, widely known as a “gold bug” and proponent of precious metals over crypto, tweeted yesterday. “ On Friday, as escalating trade tensions sent global stock markets plunging, investors sought refuge in monetary safe havens. The Japanese yen, Swiss franc, and especially gold all moved higher. Yet Bitcoin plunged by more than stocks!”
Others suggest that Bitcoin has much further to fly, and that any downturn is a temporary phenomenon.
“(BTC) has had a huge run,” says Michael Novogratz at Galaxy Digital, pointing out that BTC started the year at $3800, “and so I think this is a bit of consolidation.”
All eyes are on whether the household cryptocurrency breaks below current supports or climbs higher again as the week progresses.
