Bitcoin Price Falls Below $4,000 for First Time Since September 2017

Siamak Masnavi

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:

BTC One Day Chart For 25 Nov 2018.png

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):

 

Featured Image Credit: Photo via Unsplash.com

Former Goldman Sachs Manager Raoul Pal Teases Potential Breakout for Ethereum

Michael LaVere
  • Former Goldman Sachs manager Raoul Pal claims cryptocurrency is on the verge of a rally.
  • Pal published several charts on Twitter showing how an ethereum breakout may lead the price run.

Former Goldman Sachs hedge fund manager Raoul Pal teased on his Twitter account that Ethereum could lead the next breakout for cryptoassets and expressed interest in investing in ETH. 

In a series of tweets published July 8, Pal outlined several charts showing bitcoin and other top cryptoassets on the verge of a rally. Pal claimed that bitcoin was close to breaking the small wedge it had formed since May. 

However, Pal explained that Ethereum held potential to lead the next cryptoasset rally via a breakout. 

In a subsequent tweet, the former Goldman Sachs manager claimed not to own any ETH but was considering investing after looking at the chart. He called bitcoin his “primary vehicle” but noted that a windfall for any of the top cryptoassets would cause the rest to rise in value. 

In April, Pal called bitcoin “the future” and said the crypto-asset could reach a $10 trillion market capitalization in the future. 

Featured Image Credit: Photo via Pixabay.com