After reaching the all-time high of $5,000 per coin, BTC has since then rolled back to $4300 and is currently traded at around this level. The biggest market sell-off since July leads to decreasing cryptocurrency market capitalization from $180 to $166 billion.
Investors have still not decided what to think about the most recent sell-off. The event can ultimately be a part of a bigger negative trend. At the same time, it can very well be a short-term decline. Some believe it is still too early to draw any conclusions.
The other state the plunge can be perceived as a buying opportunity. “Since bitcoin is getting a lot of media attention lately a lot of people are looking for a moment to enter the market,” says the founder of AnyCoin Bram Ceelen. Only the time will tell who was right. Yet according to technical analysis tools, the price action of bitcoin can be expected to rebound soon enough.
