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Experts see the crypto market recovering by the end of 2018, with Bitcoin achieving $10,000.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Historically, over the past nine years, Bitcoin (BTC) has experienced four major corrections, all of which led Bitcoin to decline by more than 80 percent in value. The correction the crypto market experienced in 2018 resulted in a 69 percent drop in the price of Bitcoin, with some other cryptocurrencies like Binance Coin (BNB) and EOS recording smaller losses.
In August 2010, August 2011, January 2014, and January 2018, Bitcoin demonstrated 70 to 80 percent losses against the US dollar.
As Cointelegraph previously reported, according to researchers at Chainalysis, the Bitcoin market has matured throughout the past nine months. Despite a steep decline in the price of Bitcoin, the majority of investors held on to their investments, minimizing alterations in their positions even during a period of uncertainty and extreme volatility.
“The market seems to have recalibrated after the entry of so many new market participants with different beliefs and expectations than those who held Bitcoin prior to 2017. Neither long-term investors nor new speculators have changed their positions much this summer. This suggests that the market will make a major move, for better or worse, only in response to a fundamental change.”
The maturity of the Bitcoin market has been evident in the stability of BTC since Aug. 6. Over the past two months, Bitcoin has remained stable in the $6,300 to $6,800 range, rarely breaking out of the $6,800 resistance level, while other cryptocurrencies like Ripple and Ethereum demonstrated high volatility.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.