Bitcoin rose more than 350% from the bottom of the bear market in 2019, but the crypto asset did not exceed $ 14,000 and was deprived of retesting the all-time high of $ 20,000. The failure of the bulls to push Bitcoin higher has raised fears that the bear market will continue. A cryptocurrency analyst says the BTC can now see low levels below $3,000. According to the analyst, Bitcoin could drop more than 90% and would see $300.
Bitcoin can drop to $300
After a parabolic rally between April and August, Bitcoin was rejected at $14,000, and after several months of consolidation below the resistance level, the price of the leading crypto asset began to fall. Cryptocurrency is now traded with a 40% depreciation. The short-term bull rally is a result of Bitcoin’s inability to withdraw its mainstream interest and according to some analysts, the hopeful launch of the Bakkt stock market, suggesting that institutional investors are not interested in BTC.
Analyst: Investor demand for Bitcoin declines dramatically
During the 2019 rally, analysts were making $100,000 Bitcoin price estimates. At that time, investors found such heretical estimates unreasonable, and the analyst, The one, who called for $300, did not think it was meaningful. Some of the best investors prefer to take a counter stance, arguing that such a call is a great buy signal. The analyst, however, reveals a significant reduction in demand for the asset.
Bitcoin’s speed, capabilities and even accessibility have not changed dramatically since the crazy crypto boom two years ago. The applied Segwit method has helped improve small speed and wages, and Lightning is the next step in the development of second-tier technologies. However, Bitcoin is currently facing slow and still harsh regulatory pressure. Therefore, according to some experts, the coming days may be bad for the cryptocurrency market.