After reaching new heights for quite some time, Bitcoin’s price dipped to $10,000. Since then, it hasn’t reached its initial position. According to Bitcoin trader Tone Vays, Bitcoin’s price may reach new lows to $9,000, which might be an ideal opportunity to invest. If this situation reverses, and the price reaches the previous $12,500, then we don’t have to worry about anything.
But is there any risk associated with this downward trend? Yes, there is a minimal risk of 35%. However, if we are to consider the worst case, it may dip even further to $7,000. This may result in a more bullish, rather than a bearish trend. Quantitative Analyst PlanB agrees with this prediction. Michael Van de Poppe, another cryptocurrency expert have the same opinion about the current trend of Bitcoin’s price and concluded that it’s best to hold Bitcoins for now.