Bitcoin will break $2000 before it hits $6000, says crypto expert

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Though it remains to be seen whether the $3K floor holds, Mahmudov sees the market as "cyclical" and expects a possible turnaround sometime in summer 2019. Applying the Fibonacci retracement tool on the latest swing high and low shows that the 61.8% level lines up with the trend line and appears to be keeping gains in check. It was the first time since September 2017.

The cryptocurrency's valuation of the crypto market increased from around $137 billion to $140 billion after a recovery of around 2 percent from Bitcoin price drop. According to the theory, whales that have accumulated Bitcoin outside the exchanges are dumping it on the market to trigger a broader sell and to push prices down. At the moment, the market now stands below $128 billion, which is a decline of more than 30 percent over the past seven days.

It is likely that the price may touch the level of $3,800 or even $3,500 if the current momentum continues,"Look for the selling to continue over the next few days, but a bounce off of $3.5k-ish that returns to $5k is likely".

Well, as we near a year since numerous top tokens hit their all-time-highs, we've seen the prices come crashing down as more manageable expectations of the crypto market have seemed to prevail.

The bitcoin expert said: "In the short term it's really impossible to know". This is not for the faint of heart, but there will be nice rewards for those willing to jump aboard the inevitable bounce,"This is about the fifth or sixth 75 percent-plus drawdown that we've seen in the 10-year history of bitcoin".

The great cryptocurrency crash of 2018 is heading for its worst week yet, with Bitcoin slipping closer to $4,000, extending the Bloomberg Galaxy Crypto Index's decline since November 16 to 23 percent, Bloomberg reported on November 23.

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BTC/USD crossed $4,000 but could not keep above the level.

But prices went tumbling on November 15 - a sudden sell-off some analysts connected to a hard fork in the bitcoin derivative currency bitcoin cash.

Completely disagree. Bitcoin is the reigning king of cryptocurrencies and I don't think that will change any time soon. In Pakistan, many startups were devising secure Bitcoin and other cryptocurrency wallets.

Wall Street investors can use price-to-earnings ratios to value stocks in the traditional sense but this is not applicable to bitcoin. About a week ago, the market cap of the entire crypto market was $182 billion.

The Augur crypto has fallen to more than 10 percent and Maker had a decline of 7 percent, even tokens that have performed well with BTC and the United States dollar have lost a significant percentage of market capitalization.

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