If Bitcoin Drops to $5,000, It Will Be a Good Time to Buy
Expert: I’ll try to summarize the recent situation that has escalated rather quickly - another indication of the market’s high volatility.
Randy Turner, expert and crypto journalist:
Bitcoin could not stay in green zone for a long time, and, thus, its price decreases again. Some experts say that the crypto will not hit new heights in the near future and Bitcoin will stay low in price for a long time. Here, I’ll try to summarize the recent situation that has escalated rather quickly - another indication of the market’s high volatility.
Recently, CoinDesk expert Omkar Godbole expressed his thoughts on the situation of Bitcoin. He said that BTC price is unlikely to rise higher than $6,320 in the closest time, and if things go this way, the price will drop below $6,000 again. Then, there is a big chance that BTC will cost $5,859 and $5,755 some day.
At the time of writing, the world’s first cryptocurrency was dropping by 0.23% per day. BTC was traded for $6,448, although on August 20 it was in a green zone and made attempts to hit new heights. Many experts think that this instability has escalated due to Bitcoin-ETF disapproval by the SEC.
A great number of other popular cryptocurrencies have fallen following their ancestor (BTC), except for VeChain, price of which has raised by 4.29%. Tezos suffered the most; its token lost 14.73% in price. Average drop for all cryptocurrencies is in range of 2-4%.
Yesterday crypto community was rejoicing for the crypto market capitalization that has raised by $7,367 billion, hitting $211,600 billion. However, this value is now $210,635 million. Daily trade volume of cryptocurrency market has dropped by 0.956 billion, falling to $11,636 billion. Meanwhile, the main cryptocurrency’s domination has up to 52.7%.
Summarizing the data, it is obvious that Bitcoin has a great effect on other cryptocurrencies and shapes the community and the global situation with crypto. Its rapid drop is not a good sign for the community. However, in my opinion, people just have to live through Bitcoin’s hard times. Even if the price falls down to $5,000, there are no worries. I think it will be a good time to buy BTC. The more the people buy the crypto, the lower becomes its supply, and, consequently, the price rises. After this drop, there surely will be a growth in price.
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