Over the past week, the world’s leading cryptocurrency fell by $1,650 and at the moment there are no signs of recuperation. Bitcoin ( BTC ) was under intense pressure after breaking through the consolidation zone which was formed over the previous few months. The total cryptocurrency market capitalization plummeted by $52 billion over the week and market turmoil spiked the average daily trading by 62%.
The only question now is how low the new correction will turn out. Experts predicted a decrease in Bitcoin ( BTC ) to the area near $3,500, at which point the cryptocurrency will stabilize and receive some support from market participants. At the moment, we have the same “hype factor” which pushed BTC to $20,000 last year, but however in the opposite direction: from rapid growth to extreme fear and sell-off.