Bitcoin Most Probably Won’t Dip to $3,000 Again

Bitcoin (BTC) price is in a sliding stage, but the bottom will be reached before the coin dips to the $3,000 range, Tone Vays commented on Twitter.

Bitcoin price is still recalling its 2017 performance, where prices touched $20,000 on an intraday high as of December 17. This caused renewed reckoning of how the leading coin could move. Overall, BTC has become the preferred asset, while smaller altcoins are expected to keep sliding.

Bitcoin remained unpredictable, as the recent downward slide was cut short. BTC added hundreds of dollars within hours, recovering from a dip toward $6,500. Just as bearish attitudes increased, bitcoin once again proved shorters wrong, rising again close to $7,200.

The recent price crash for bitcoin price sparked fears the coin would go down to $5,500. But for now, BTC managed to rise above the $7,000 support level, for now delaying a further slide. However, bitcoin remains unpredictable and is pressured by multiple price discovery mechanisms, ranging from whales selling off coins, to futures speculation.

Other analysts see BTC as capable of bouncing in the long term while remaining in a downward price slide.

The $3,000 cutoff price is arbitrary, as there are also predictions of a significantly lower price range, bringing down BTC closer to $1,000. The $3,000 mark is close to the lows of 2018 when BTC bottomed out around $3,200.

Altcoins Won’t Recover Following BTC Performance

Тhe recovery mechanism for BTC may not work the same for altcoins. Vays sees Litecoin (LTC) slide to last year’s lows around $22, reaching prices from before the rally in 2017. LTC has not gathered enough appeal to keep trading near highs, and may never revisit the $365 levels at the peak.

LTC currently trades at $39.91, extending its slide from the previous tier of stability around $55, where it spent a few months. LTC is also going through a slow-motion miner capitulation, through a mix of a lowered block reward and a low market price.

However, altcoins are also volatile enough, and LTC is still one of the most liquid altcoins, with the potential for an unexpected price move.

What do you think about the bitcoin price prediction of Tone Vays? Share your thoughts in the comments section below!


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