Bitcoin has been seeing a staggering decline in valuation since last December. However, this trend is far from over, if analyst estimates from CrackedMarket are anything to go by. Although a strong support in value at around the $6,000 mark has repeatedly proven itself in the past few months, a dip below that particular mark is imminent. The world’s first cryptocurrency has seen a decline from its highs last December when it touched $20,000. Several efforts have been made, but with little effect. Initiatives like the NYSE owner launching a global digital ecosystem and platform called Bakkt.
The story is not very different for other major cryptocurrencies either. The popular and prominent cryptocurrency XRP has seen a 2% decline in market value over the last 24 hours. ETH, has also seen a 0.3% drop. Bitcash, however, has seen a sudden surge at 18%.
The valuation estimates of Bitcoin have seen what appear to be almost polarized views in the past few weeks. While some crypto analysts have maintained a price target higher than the previous year, at around $25,000, stating that the HODL strategy is logical, given that most tokens see a steep rise in only a few trading days in a period, many others have been outspoken about a further decline below $6,000 levels. According to them, it is a matter of time before it dips further, after breaching key support levels that stood at 17k, 12k, 10k and 8.5k. Although Bitcoin has been hovering around the 6.5-7k mark over the last few weeks, the 6k support breach will see another large drop in valuations. Whether this is mere speculation remains to be seen, given the fact that BTC is currently trading at $6,450 levels, having witnessed a rise of 0.3% in the last 24 hours.