Traders: the future of Bitcoin looks bleak, the price may fall below $ 3,000

In the last 24 hours, the crypto market has slightly declined by $2 billion in valuation as the Bitcoin price fell by one percent. The decline in the value of major crypto assets in the likes of Ripple (XRP) and Ethereum (ETH) which recorded drops in the range of three to five percent prevented the market from continue recovering.

From January 30 to January 31, the crypto market seemed to be rebounding as its valuation rose from $111 billion to $115 billion. But, in the past 12 hours, the valuation fell back to $112 billion, unable to sustain its momentum. Generally, traders foresee the Bitcoin price declining to the low $3,000 region in the near future if it fails to demonstrate a strong recovery above mid-$3,500.

Similarly, Luke Martin, a cryptocurrency analyst, noted that the price trend of Bitcoin is not showing any momentum or signs of a trend reversal, which may lead the asset to drop to the low $3,000 region and even to the mid-$2,000 region. As Bitcoin started to fall again following a steep sell-off on January 29, major crypto assets which performed well against both BTC and the U.S. dollar began to record large losses. Ethereum has fallen back to the low $100 region and is at risk of declining below the $100 mark. Ripple fell four percent on the day to $0.3, eyeing a drop to $0.25.

Traders: Bitcoin Trend Looking Ugly, Why a Slow Drop Below $3,000 is Expected, CCN, Feb 01