Today, Friday September 27, Bitcoin rate keeps falling. At press time, the rate of the most capitalized cryptocurrency is at the level of $ 8,111. At the same time, the main cryptocurrency fixed the lowest point today at $ 7,984. According to CoinMarketCap data, the daily loss in BTC cost is -4.07%. All digital assets of the TOP-10 also demonstrate negative dynamics.
According to German economist, Holger Zschaepitz, it is not the best time for BTC now. The analyst notes that the asset rate crossed the 200 MA. In his opinion, the current position of the cryptocurrency indicates the potential for a further drop in price.
A tough week for #Bitcoin just got worse. The digital currency dropped below 200d MA for 1st time since early April. Bitcoin has erased some 20% of its value this week, on track for its worst performance since Nov. pic.twitter.com/J4cWwgHggS
— Holger Zschaepitz (@Schuldensuehner) September 27, 2019
Therefore, the previously forecasted bottom at the level of $4,000 may become a real scenario for the BTC price. The specialist notes that last time a similar loss at BTC was recorded in November 2018. A year ago, on November 15, the Bitcoin exchange rate fell below $ 6,000 when it completed the rally to $ 20,000. And by mid-December, the Bitcoin exchange rate fell by almost 80% to $ 3,200. Miners began to close their businesses due to the drop in cryptocurrency growth. At the moment, miners working on Bitmain’s Antminer S9 may go bankrupts.
According to profitability calculations of this type of hardware, the break-even point of mining on these ones is in the region of $ 7,500. Therefore, the cryptocurrency market may repeat the scenario of 2018 in the near future.
Is There Really Reason For Panic?
According to the co-founder of Fundstrat Global Advisors Thomas Lee, it is the current bottom of the BTC.
This is the best evidence that sentiment in #bitcoin is nearing a bottom. Angry HODLers… using the blame game.
– a very good contrarian signal. T
— Thomas Lee (@fundstrat) September 26, 2019
In the past, Lee repeatedly gave predictions that were not destined to come true. Earlier, he promised not to give forecasts anymore, but it seems very difficult for him to not express his opinion regarding market movements.
The crypto community agrees that the behavior of the cryptocurrency exchange rate does not give reason to panic. At the same time, commentators admit the possibility of further depreciation of the BTC. In their opinion, the continuation of the descent to $ 6,000 can still be perceived as part of the correction of the BTC after a long increase.
Many users see the current decline in the cryptocurrency rate as an opportunity to buy profitably.
Against the background of a drop in the BTC rate, the famous economist Nouriel Roubini, who had previously predicted the global financial crisis, wrote the following on his Twitter:
“Bitcoin and shitcoins crash continues. BTC down over 20% this week.”
In response to the statement of the economist, who is known in the crypto community for his hostility to the new financial instrument, commentators drew attention to the presence on his part of progress regarding the perception of cryptocurrencies. In their opinion, Roubini is progressing, as he recognizes Bitcoin among other alternative cryptocurrencies.
At least you acknowledge that Bitcoin is not a shitcoin, so you’re making progress.
— lastcoinstanding (@LastCoinStandng) September 26, 2019
Note, the indicator of market sentiment Fear & Greed Index fell to 24 mark, which means an extreme degree of fear among investors.