RATE Group | Bitcoin Price Drop to $2.5K Possible if Bulls Fail to Retake $7,350
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Bitcoin Price Drop to $2.5K Possible if Bulls Fail to Retake $7,350

24 Nov Bitcoin Price Drop to $2.5K Possible if Bulls Fail to Retake $7,350

Posted at 23:48h in Bitcoin News by

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Bitcoin (BTC) price took a seemingly unexpected turn over the last week as the digital asset shed nearly $2,000 over the past 5 days. Last Sunday Bitcoin looked strong with a peak at $8,727 but by Friday the price found a floor at $6,776.  

With a drop of 22% within just 5 days, can investors expect a bounce to reclaim the lost ground, or will Bitcoin head to new lows to close out 2019? Let’s take a look at what could happen next.

Daily crypto market performance. Source: Coin360.comDaily crypto market performance. Source: Coin360.com

Why did Bitcoin dump?

Currently, there are many theories flying around Twitter. For example, some attribute the drop to the Plus Token scammer identified as a whale that dumped 7,000 BTC on Huobi. Others have suggested that the FUD surrounding China’s recent vow to dispose of crypto exchanges directly impacted crypto prices. It’s hard to gauge whether the current price swings are perfectly normal, or maybe, just maybe it’s some dude selling a lot of Bitcoin to buy something (god forbid). 

One…

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