Cryptocurrency Market Continues to Fall as Bitcoin Price Seeks Support at $6,700

A Throughout 2018, the bitcoin price has experienced three major corrections on February 7, April 10, and May 25. The initial correction that occurred on February 7 led the bitcoin price to drop from $19,900 to $6,100, by more than 69 percent. The second correction on April 10 prompted BTC to fall from $12,000 to $6,400, by 46 percent. The third and latest correction on May 25 led BTC to decline from $10,000 to $7,200, by 28 percent.

trend can be seen in the three major corrections BTC experienced in 2018, which is that every successive correction had smaller sell-offs and narrower correction periods. The initial correction in February lasted nearly two months, while the second and third corrections bottomed out in about a month.

Following the five-month price trend of bitcoin, it is highly likely that BTC rebounds from the $6,800 mark in the short-term, initiating a strong rally in the mid to long-term. After BTC bottoms out at $6,800, the market is expected to experience an accumulation period, leading the value of BTC to increase gradually and secure momentum. Following a continuous accumulation period could be a parabolic rally, driving the value of most cryptocurrencies to grow exponentially.

Despite the optimistic long-term outlook of BTC, it is important to acknowledge that both BTC and the rest of the market are in a bear cycle and the bear market will likely continue until BTC bottoms out at the higher end of the $6,000 region.

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