Bitcoin Price Drops, Etherium Prospers, Investors Choose Gold

The price of Bitcoin saw a sharp drop of more than 15% in the span of an hour, reaching the lowest point since mid-June. The dramatic decline happened yesterday afternoon as the price fell from $9,352.89 to below $7,800.

While analysts foresee more Bitcoin struggle in the upcoming days, a recovery is likely based on similar developments seen in 2017. Cryptocurrency trader Marvin Chebbi writes: “A break down of the descending triangle doesn’t necessarily mean the end of the bull market. We had a similar price action in June ’17 with some sort of descending triangle formation (lower highs+equal lows) that broke down, found support a bit lower, [then recovered.]”

This is not to say everyone is taking the drastic price drop lightly. The Crypto Fear & Greed Index, a crypto-market indicator, turned red today as it dropped down to 15, indicating “Extreme Fear” following Tuesday’s collapse. Financial analyst Peter Schiff also foresees more troubles for Bitcoin, writing…