Is this really the end of Bitcoin? Not so fast!

Is this really the end of Bitcoin? Not so fast!

Bitcoin is extending its collapse for the second day in a row as investors are worried about Bitcoin Cash hard fork and speculations of Bitcoin price manipulation. BTC/USD fell to trade as low as $4,218.00 on Tuesday, its lowest level since October 2017.

Bitcoin is now 66% down on 2018, almost 80% down from its all-time highs close to $20,000 reached last December. The sell-off makes remembrance of the one experienced from 2013 to 2015 when BTC fell from $1,163 on November 2013 to $152 in January 2015, a 86% multi-month drop. The different from the one the market is watching these days is the violence of the current movement.

Some analysts are suggesting that Bitcoin collapse is not near to be ended. According to Bloomberg Intelligence, the drama is just starting with a forecasted price of $1,500 in the middle term.

Also, Travis Kling, founder of hedge fund Ikigai, said that after the Bitcoin Cash split “something really bad could happen related to Bitcoin Cash that could then impact the entire crypto market.” He also commented to Bloomberg last week that there is a small chance of that but he “didn’t sleep well last night.”

Ethereum, on the other hand, fell for the seventh day in a row as the ETH/USD is now testing its lowest level since June 2017 at 121.50. Ethereum is 83% negative on 2018, and a 91.5% down from all-time highs reached on January 2018.

Cryptocurrency prices are falling hard these days, with November on pace to become the worst month for Bitcoin in 2018 and its worst November ever. However, the technology is there, and blockchain technology companies are making the revolution in many industries and sectors. Do you believe in the blockchain technology? So go for it.

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