Bitcoin market value reaches new low of $81.27 billion

Bitcoin (BTC) continued its downward trend on Monday. It has also managed to attain a new annual low. The total market value of the cryptocurrency stood at around $81.27 billion this morning, with an average price of $4,674.58 (via Coinmarketcap.com). All in all, it seems that the chances of achieving a so-called 'double bottom' this year are increasing for BTC.

It seems that the Bitcoin Cash (BCH) hard fork is one of the main catalyst for the falling market prices. In addition, one of the larger mining companies has recently decided to shift its hash power to Bitcoin ABC, one of the BCH blockchain splits. Although the trend may only be short lived, it will make the crypto market look even more unstable than before.

Crypto analysts Willy Woo and Crypto Rand are now predicting that the digital currency will likely fall below the $4,500-$5,000 range and could reach $4,000. However, there are also bullish analysts like Tom Lee, co-founder of Fundstrat, who still expects BTC to reach $15,000 by the end of this year; that is why the effects of the BCH fork will remain rather limited. On the other hand, Fundstrat has since downgraded its initial prediction of $25,000 to $15,000.

Technical insights

There is still a big chance that the bulls will provide a strong, positive correction. This gives at least enough long possibilities to return to the level indicated in the Fibonacci chart below:

Whether BTC will actually achieve the optimistic values above remains the question. Where do you guys think BTC is headed?