Back on April 11, we shared the news about the value of Bitcoin reaching the incredible $30,000 milestone. The value of the famous cryptocurrency has surely been through a wild ride recently, as it has now dropped a bit again.
ZyCrypto reveals that the value of Bitcoin has now reached $29,000. While it still represents a good moment for a person to invest in Bitcoin, there’s at least one reason to take into account why you should hesitate before making such a decision.
Bitcoin’s value could decrease even more
Bitcoin’s value could decrease even more than it already has, along with the value of other cryptocurrencies such as Ether. That is the warning coming from financial experts.
Michael Michaël van de Poppe, who is the founder of crypto trading firm Eight Global, reveals that Bitcoin’s value could drop to $26,200. Here’s the statement provided by the pundit, as ZyCrypto quotes:
Bitcoin is currently showing weakness. Broke back in the range, lost one of the crucial levels. The final crucial level is at $27,600. Could take liquidity beneath, but needs a fast recovery. If not, and no break of $28,800, then I suspect we’ll see $26,200.
Crypto analyst “Crazzyblockk” from Cryptoquant also doesn’t see a bright future for the value of Bitcoin. He also believes that the cryptocurrency’s value will drop lower than it already has.
He stated, as the same publication mentioned above quotes:
If Bitcoin receives a reaction from the short-term at these levels, it will be a sign of renewed interest in holding and entry by these people, and if this level breaking, these players will continue to sell,
If this level breaking, the oncoming valuable level is in the range of 25-23k.
In a nutshell, although Bitcoin’s value is still pretty high, investing in the cryptocurrency or not shouldn’t be an easy decision for any of us, especially during these uncertain economic times.