Bitcoin Prices Again Below $8K, But Traders Forecast Fresh Upside

Bitcoin has fallen 11.23 percent in the 24 hours to press time Monday, Feb. 5, dropping below support at $8000 as its price continues to dictate altcoin performance.

Data from Coin360 Monday shows a continuation of lacklustre price action for the largest cryptocurrency, which saw its slight rebound Saturday, Feb. 4 all but erased over the weekend.

On Coinbase, Bitstamp and some other exchanges, Bitcoin failed to maintain $8000 into Monday, hovering at around $7900 at press time, about $275 off Friday’s multi-month lows of $7625.

Friday’s dip triggered a short-term uptick that saw prices gain over $1200 in a single hour, enthusiasm appearing to dampen once again after passing $9000.
Traders offer perspective

On social media, cryptocurrency traders remained more steadfast than ever in their faith about both Bitcoin and altcoin perspectives.

John McAfee, who has championed Bitcoin and recently begun focussing on specific altcoins, told Twitter followers to “get a perspective” in the face of falling value.

“In a long term view, (Bitcoin) is still climbing. Forget about these short term ups and downs,” he continued.

Adding some perspective on the overall red-washed market, CNBC’s Ran Neuner tweeted yesterday that the combined market cap of all cryptocurrencies today is the same as it was in December, 2017:

At press time, the total market cap according to CoinMarketCap was around $369 million, about the same level as it was Dec. 6, 2017:

Altcoin-focused accounts also cautioned traders against paying attention to coins’ value in USD or other fiat currency terms. Others were more bullish, using various methods as proof a more serious upturn was the most likely short-term future for Bitcoin.