Rob Sluymer has told Bloomberg that he believes the decline of Bitcoin isn’t over yet. This comes just after the markets took a tumble off the back of the SEC decision to delay a pending announcement due for the approval or disapproval of another Bitcoin ETF. Even though the decision has only been delayed and that no ETF has been approved or disapproved, Bitcoin and the rest of the markets have reacted very badly.
This begs the question, what will happen when a final decision is made? We expect around nine of these decisions to surface during September, therefore, September could be a very interesting month indeed.
Regardless of all this, Sluymer believes that Bitcoin is going to crash down before it has a chance of spiking once more. According to Bloomberg, Sluymer has said:
“You’re getting a bounce today, but I expect the next level of support down close to $6,100. It’s pretty early to make the case that you need to go long. It’s got to stabilize first.”
Mike McGlone, an Intelligence Analyst at Bloomberg seconds this sentiment, suggesting that the bottom for Bitcoin could even reach as far at $4,000.00:
“Bitcoin is in dump mode, following the pump run-up on the potential for a U.S. ETF. It may not subside until revisiting good support near $4,000 — last year’s mean.”
See the full article for yourself, here.
What would $4K mean for Bitcoin?
Many would argue that this poses a perfect buy in opportunity. I suppose when we look at Bitcoin at $6,500.00 as it just brushes today, $4,000.00 isn’t really that far off and in all honesty, $4,000.00 wouldn’t be a terrifyingly low figure for Bitcoin. Moreover, this would no doubt inspire some new buy-ins that would in turn pump up the price of Bitcoin. I suppose what I am trying to say here is that if these analyses are correct, they shouldn’t be something to worry about. Correction and falls are just an organic part of cryptocurrency investment.
None of this is guaranteed, Bitcoin could reach $20,000.00 before it reaches $4,000.00. Likewise, Bitcoin could eventually bottom out at $1,000.00. It’s volatile, risky and uncertain, but that’s why most people are in this. Bitcoin is still an opportunity and even if this fall does continue, it’s not all over just yet.