Why is Bitcoin price dropping? Cryptocurrency market in ‘panic mode’

The price of Bitcoin slumped to its lowest point in six weeks yesterday after slumping to a low of less than $6,000 earlier this week.

But less than a month ago, investors were toasting a ‘cryptocurrency comeback’ as Bitcoin soared above $8,000 and looked set to keep on climbing.

So what’s going on and is the end of Bitcoin?

Clement Thibault, a senior analyst at Investing.com, believes the price volatility is a sign of a ‘bear market’ – the name for a general decline.

‘I believe we’re just witnessing the continuation of the cryptocurrency bear market. This is not the first or last cyclical asset to behave this way.

‘Looking ahead, I don’t think we’re at the end of the cycle just yet, and I can see bitcoin and other cryptocurrencies continuing to fall before a meaningful return back up.’

Matthew Newton, analyst…