Analysts Predict Another Price Dip Before Bitcoin Goes Full Bullish

The cryptocurrency market has been shaken, to say the least. After a brilliant start to the year, Bitcoin and its compatriots have gone through a slump in the past week that has shaved more than 40% off the industry’s market cap.

Despite the fall in prices, some analysts were still bullish about Bitcoin and the rest of the cryptocurrency market. According to D.I.Y Investing’s tweet, Bitcoin would go through a slump again before rising to the top.

Several market analysts claimed that Bitcoin’s price fall was a reflection of the world markets crumbling under the pressure of the Coronavirus. At the time of writing, Bitcoin was trading for $5323 with a total market cap of $97.29 billion. The $8.95 percent hike over the past 24-hours had enabled the volume to climb to $46.6 billion. The bearish turn over the past week had knocked off more than 33 percent of Bitcoin’s value.

D.I.Y Investing provided input on the dip by tweeting:

“Shake out before Moon I’m long term bullish and am…