Bitcoin heading to $7000? The whole cryptocurrency market turns upside down and bleeds red

The cryptocurrency market is in shambles as the value of Bitcoin drops by more than 15% in the past 24 hours taking all the altcoins along with it. This drop has affected the whole crypto-market with the price of all the coins touching rock bottom with some touching the early November 2017 prices again.

According to CoinMarketCap, Bitcoin is currently valued at $7,825 with a market cap of $132 billion; Ethereum is currently valued at $574 {dropped more than 15% in the past 24 hours} with a market cap of $57 billion; Ripple is valued at $0.65 {dropped more than 17% in the past 24 hours} with a market cap of $25 billion and Bitcoin cash at $882 {dropped more than 15% in the past 24 hours} with a market cap of $15 billion.

The drop was predicted by all the speculators in the market. The speculators even believe that the price will be dropping to $7000 soon and won’t go up until September. The major reason attributed to the big drop is the anticipation of September’s Mt. Gox trustee, Nobuaki Kobayashi selling off the remaining 66,344 Bitcoin [BTC] and 168,177 Bitcoin Cash [BCH] which people believe could affect the market in a negative way.

This dip has triggered a lot of FUD and ‘sell-FOMO’ in the market and has created a gateway to panic selling. There were predictions on multiple chat rooms and Reddit forums that by the next 24 hours, Bitcoin is going to see more than a 10% dip. Some even suggested a possibility of the markets retesting the previous low of $5900.

Market skeptics believe that the dip will continue until September and only after the Mt Gox Bitcoin’s are sold will the market see a proper stable green and will touch its all-time high.

Michael Law, a Twitterati says,

“#btc well that’s frustrating. A new low means further lows to come. May be people don’t believe in crypto anymore. Hmm”

Electo, another Twitterati says,

“Make no mistake. You will never see a more epic fight to save #BTC than what you are looking at right now. There is BIG money involved. Choose your side.”

Aric C Green LLC, an online entrepreneur-mentor says,

“#BTC this next one could be a deep cut.”

Crypto Michael, a crypto-trader says,

“Me no likey it yet, but there’s no sudden big downward pressure. Small timeframes give me conclusion that we’ll be at the bottom for now, that would make 3 higher lows. But gosh. Boring maket now. Alts too. Everybody waiting.”

Crypto Grit, an investor, and trader says,

“If 7900 doesn’t hold we are headed back down to retest the 6000 level.”

Angelinoff’s, a crypto-enthusiast says,

“It’s funny how on every dip, everybody starts screaming ‘Bitcoin is going to fall $1000’ and every high they see it $100k. Moods are shifting on FUD and FOMO.”

Antena Pips, a Twitterati says,

“Every new $BTC sell off one new excuse appear. I think the #Bitcoin failed as investment option. He [It] will continue as payment processor, but for now, i think we will never see #BTC making new high.”

A lot of veteran Bitcoin investors believe that this current drop is healthy and is a sign of weak hands leaving the market. They also believe that the Mt. Gox sell-off won’t have a big impact on the market and would just make the market more stable in the long term.

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