Bitcoin Price Analysis: Bitcoin (BTC) shows a huge drop

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Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

Bitcoin (BTC) as of writing this article was trading at $10,024.1 against the United States dollar (USD) and the coin was showing negative and download fall of -1.54 percent. The market cap of the coin was $170.876 billion United States dollar (USD) and the market supply of the coin was 17.8 million.

Bitcoin (BTC) has been showing a negative fall and the decline has been of around 8%. The coin fell to as low as around $9,000 against the United States dollar (USD). The crypto analyst and the crypto traders believe that the fall is because of the Bitcoin (BTC)  buyers and traders negative sentiment towards the coin. The buyers and traders are not fully confident about the coin.

Here is what the Crypto analyst; John Todaro has to say on the sentiment prevailing in the crypto market regarding the Bitcoin (BTC): “Sentiment has drifted lower as a sustained push higher has been halted, while alt-coin sentiment has been low for several weeks now as alt prices continue to decline”

The market is in a bit of bearish trend but never the less the market will again rise as many people believe that Bitcoin (BTC) still the potential to rise up again. Now that is there the launch of Bakkt next month which is one of the most fundamental positive points for Bitcoin (BTC). The launch of Bitcoin (BTC) will improve the image of the coin in the market. The coin will move towards mass adoption. If the Crypto traders and buyers show some faith in the Bitcoin (BTC) then Bitcoin (BTC) will prove itself to be capable of their worth.

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