On Saturday (24 November 2018), Bitcoin’s price dropped below the $4,000 support level for the first time since September 2017.
In fact, things are even worse than that. According to data from CryptoCompare, at 21:20 UTC, the Bitcoin price dropped to $3,978, and by 22:50 UTC, it had reached an even lower low at $3,761:
At press time (00:30 on 25 November 2018), BTC is trading at $3,825, down 13.56% in the past 24-hour period.
The other cryptocurrencies in the top 10 (except stablecoin Tether) are also suffering double-digit percentage losses for the same period, with XRP at $0.3632 (down 13.81%), Ether (ETH) at $112.54 (down 11.51%), EOS at $3.26 (down 12.60%), and Stellar (XLM) at $0.1508 (down 18.09%).
With so much recent negativity about Bitcoin in the mainstream financial media (one of the latest examples being Forbes, which declared on November 24th that “Bitcoin – Stick A Fork In It – It's Done”), perhaps it is not surprising to see the price of Bitcoin drop below $4K.
So, where to next for the Bitcoin price? Is the “Black Friday Sale” over? According to some experts, such as Anthony Pompliano (Founder & Partner at Morgan Creek Digital), we may not see the Bitcoin price bottom until we reach “true capitulation”, but for many/most of those who are believers in the long-term fundamentals of Bitcoin, one bitcoin is still one bitcoin, and there is no reason to panic sell.
In case you think that Pompliano is being overly bearish on Bitcoin, it is worth pointing out a tweet he sent out on November 21st (when the Bitcoin price was around $4,367):
Bitcoin is down over 75% from its all-time high.
It is still the best performing asset class in the last 5 years.
It has dwarfed stocks, bonds, currencies and commodities since inception too.
Ignore the noise, trust the code.
— Pomp 🌪 (@APompliano) November 21, 2018
Featured Image Credit: Photo via Unsplash.com