When Will Investors Throw In The Towel On Bitcoin (BTC)?
Shain Vernier • 1 min read
It is becoming redundant, but the sky is falling in the cryptocurrency atmosphere. Led by another 24 hours of widespread Bitcoin (BTC) selling, investors continue to flee the crypto-space. BTC has fallen to $6600, a level not seen since October of 2017.
Here are the cash market metrics of the last 24 hours for the big four cryptocurrencies:
Bitcoin (BTC) – 11.5%
Bitcoin Cash (BCH) – 10.0%
Ethereum (ETH) – 9.5%
Litecoin (LTC) – 6.6%
When Are Long-Term Investors Going To Bail Out?
The timing of significant market moves never ceases to amaze. Yesterday, BTC appeared to be content rotating in the area of $7500. Today, as most markets are closed in observance of Good Friday, price continues to trend lower. Go figure.
Big round numbers are going to be instrumental in valuations moving forward, especially for BTC. BTC is the primary barometer for sentiment in the cryptocurrency environment. If BTC tanks, confidence in the entire asset class is poised to follow. So, here are the key downside psychological levels to watch moving forward:
- Big Round Number, $5000
- 78% Retracement of Long-Term Bull Run, $4225 (Approximate)
- Big Round Number, $2500
So, when will long-term investors decide to throw the towel in on BTC? Year-over-year gains are still very good — but when will the ongoing losses finally be enough?
If BTC does not establish a foothold at $5000 to $4225 for the intermediate-term, then there is no telling where price is headed.