Bitcoin (BTC) price: tumble to the key $3000 support before the crypto spring?

Yesterday the Bitcoin price went downhill again. The price reached a new low this year and headed towards the 3000-US dollar mark.

Bitcoin fell down to 3,122.34 dollars around 10:20 according to CoinDesk. At the moment, the crypto currency seems to have recovered somewhat. In the past 24 hours the price rose by 2.54 percent to 3,207.90 dollars.

Nevertheless, a march to the 3000-US dollar limit does not seem unthinkable. The rate would only have to fall by a few percentage points and around 200 dollars to reach this level.

Bitcoin rate: Support at 3000 dollars

Mati Greenspan, economic expert for the eToro trading platform, explained that this development is of particular importance. The $3,000 limit would be the current level of support.

“This level played an important role during the Bull Run in 2017 and at that time it took about two months to break through,” he added.

Whether the price of the crypto currency can withstand this development remains to be seen. For about a year now, the price of the crypto currency has been in a downward movement. The largest crypto currency (measured by market value) has fallen by around 84 % since it reached a peak price of almost 20,000 US dollars.

Tim Enneking, Managing Director at Digital Capital Management, explained that the current development is a logical consequence of the rush to the coin. Natalia Karayaneva, Managing Director of Startup Propy, cited other reasons for the price development.

At the end of the year, entrepreneurs will have to pay taxes and plan for 2019. The selling of crypto currencies has fuelled panic.”

“Although crypto entrepreneurs are the driving forces and believe in Bitcoin, they still have to cover their expenses.

Hope for a Crypto Spring
Nevertheless, Karayaneva has hope for the coming year.

“Next year Dapps, protocols and security tokens will take off and we will see how the demand for Bitcoin and other tokens recovers.”

What do you think about the price development? Is this a good time to sell coins? Or should the low prices be seen as an opportunity to buy crypto currencies like Bitcoin, Ether and Litecoin? Read more about how to buy or sell Bitcoin here.

 

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Torsten Hartmann

Torsten Hartmann

Torsten Hartmann has been an editor in the CaptainAltcoin team since August 2017. He holds a degree in politics and economics. He gained professional experience as a PR for a local political party before moving to journalism. Since 2017, he has pivoted his career towards blockchain technology, with principal interest in applications of blockchain technology in politics, business and society.

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