Could Bitcoin Hit The $7000 Level?

The digital currency market is in a mess as the value of Bitcoin drops by over 15% in the previous 24 hours taking all the altcoins alongside it. This drop has influenced the entire crypto-market with the cost of the considerable number of coins touching absolute low with some touching the early November 2017 price once more.

As indicated by CoinMarketCap, Bitcoin is right now valued at $7,825 with a market cap of $132 billion; Ethereum is at present valued at $574 {dropped over 15% in the previous 24 hours} with a market cap of $57 billion; Ripple is valued at $0.65 {dropped over 17% in the previous 24 hours} with a market cap of $25 billion and Bitcoin cash at $882 {dropped over 15% in the previous 24 hours} with a market cap of $15 billion.

The decline was anticipated by every one of the examiners in the market. The examiners even trust that the price will drop to $7000 soon and won’t go up until September. The significant reason credited to the huge drop is the expectation of September’s Mt. Gox trustee, Nobuaki Kobayashi auctioning off the staying 66,344 Bitcoin [BTC] and 168,177 Bitcoin Cash [BCH] which individuals accept could influence the market contrarily.

This dip has triggered a lot of FUD and ‘sell-FOMO’ in the market and has created a gateway to panic selling. There were predictions on multiple chat rooms and Reddit forums that by the next 24 hours, Bitcoin is going to see more than a 10% dip. Some even suggested a possibility of the markets retesting the previous low of $5900.

Market skeptics believe that the dip will continue until September and only after the Mt Gox Bitcoin’s are sold will the market see a proper stable green and will touch its all-time high.