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Bitcoin [BTC] falls below $8000 today, time to HODL based on expert opinion or sell based on numbers?

Aman Swami

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Bitcoin[BTC] falls below $8000 today, time to HODL based on expert opinion or sell based on numbers?
Source: Pxhere

Around the time when half the world was in the dark and other half saw a bright light, Bitcoin experienced something that no crypto-enthusiast who promotes Hodl and is optimistic expected to happen.

Bitcoin at around 12:50 am UTC today, witnessed a fall below the $8000 mark. For many days now, Bitcoin has been declining but had not seen a price below $8000. For half an hour the price remained below the $8000 mark, falling to the lowest of $7974.

Bitcoin, a couple of weeks ago was flying high and everyone expected it to break through the $10,000 mark but to people’s surprise, it started falling after crossing over $9900. Amongst this decline, many cryptoanalysts, investors, and followers were optimistic about the coin and did not fail to predict that it will surf at very high rates soon.

As the price declines by the hour, the market is showcasing more and more optimism with a lot of crypto experts talking about it achieving great numbers in a couple of months or years. The market, though optimistic in nature, has filled the investors with a sense of fear.



Nick Cote, a Bitcoin investor on social media said,

“To the people hating on “OGs”. Hey, you’re gonna turn into one too in 2020 aka the next big bull cycle. $BTC #Bitcoin”

Bitcoin has lost more than $12 billion in market cap in the last 7 days. The market cap has suffered a lot in this period. It fell from $150 billion and is currently just above $138 billion. In the last 3 days, the price of Bitcoin has seen an overall decline keeping the price below $8500 mark.





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Aman Swami is an Economics major from Christ University. He is very passionate about cryptocurrency and understanding of financial markets.

Bitcoin

Bitcoin [BTC]: Binance’s CZ and Ryan Selkis try to predict BTC’s maximum value in the future

Akash Anand

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Bitcoin [BTC]: Binance's CZ and Ryan Selkis tries to predict BTC's maximum value in the future
Source: Pixabay

Bitcoin [BTC], the world’s largest cryptocurrency has seen a surge in popularity again after the recent price increase. This movement was also helped by comments and suggestions from proponents and luminaries in the field of digital assets.

A recent tweet had asked Twitter users interested in cryptocurrencies about the “maximum reasonable price that Bitcoin can achieve in the reasonable future”, something which gained a lot of traction after the involvement of famous personalities like Changpeng Zhao and Ryan Selkis.

CZ, the Chief Executive Officer [CEO] of Binance, the world’s largest cryptocurrency exchange, answered the question by stating:

“There is no such a thing as Max price for $btc.”

He was also asked:

“Do you mean potentially infinitely high price of BTC or that in the near future goods and services will be priced in BTC and it won’t make sense to correlate it with USD?”

CZ’s reply was to the point when he claimed that there was no such thing as maximum inflation for fiat, a statement that a lot of people agreed with.



Ryan Selkis, the Founder of Messari had another opinion to the original question. He said,

“After $250k / BTC the dollar’s reserve status will be in jeopardy, so all bets are off.”

CZ and Selkis were not the first individuals to predict such positive movement as many in the past have predicted Bitcoin to reach heights of even $1 million per Bitcoin. At the time of writing, Bitcoin was trading at $7,967.54, with a total market cap of $14.21 billion. The 24-hour trading volume of the cryptocurrency was $21.04 billion, while the currency was holding a steady 0.45 percent increase in its value over the hour.





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