Bitcoin price continued to plummet this week but some investors quickly rushed to grab the opportunity by investing in the cryptocurrency at the lower prices.
Bitcoin price dropped to a new 2018 low as it plummeted below the $5,000 mark. The price of the cryptocurrency at the time of this press was $4,573 and the bearish performance is believed to be the result of the controversial Bitcoin Cash Cash (BCH) hard fork. Bitcoin is just one of the many cryptocurrencies that have also been affected by the bearish trend. However, some investors view the downturn as an opportunity to invest in Bitcoin while its price is low.
eToro users have quickly jumped on the opportunity to invest at a good price point
UK-based cryptocurrency exchange eToro revealed that some of their traders have already strengthened their positions by purchasing more Bitcoin while the price is low. This means that investors expect the cryptocurrency to recover after the current slump. Bitcoin’s current price is now in the price territory that it was before 2017’s massive surge kicked off.
“EOS holdings at eToro have gone up while prices were moving down but the flat market does seem to have caused some clients to abandon their positions,” stated Gil Alpert, eToro’s data commander.
Clients @etoro have used this crypto price drop to increase their BTC stacks.
The red circle shows a small yet clear uptick in client holdings since November 14th. pic.twitter.com/pw51UjZU2X
— Mati Greenspan (@MatiGreenspan) November 19, 2018
Despite Bitcoin’s massive downturn, some altcoins including Ethereum (ETH) have performed worse than their counterparts. The last time that Ethereum’s price was this weak against Bitcoin was July 2017. It is currently not clear when the Bitcoin Cash uncertainty will reach its end but it has clearly had a huge impact on the cryptocurrency market. Analysts are changing their Bitcoin outlook so that they can employ a more realistic approach.
Will the bearish market come to an end?
Investors are confident that the currently low Bitcoin prices are the best entry point for more investment although there is no guarantee that the market will turn bullish anytime soon. They are simply using the old approach of buying low and selling high. There is no doubt that there are many people looking to make some decent gains from Bitcoin and it is likely that many will jump at the opportunity to do so at the current price point, thus pushing up the price.