Bitcoin slipped below the $39,000 mark today touching the day low of $38,779. BTC dipped 6.5% in the day’s trade and dragged the entire cryptocurrency market down along with it. Both the crypto and the worldwide stock markets are trading in red today with fears of another crash.
However, Bitcoin’s dip should not be worrisome, explained financial expert John Squire, partner at Ojamu, an AI & Blockchain-powered platform. The analyst spoke exclusively to Watcher Guru stating that the market usually dips on Mondays but gradually sees a spike mid-week.
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Squire urged investors not to lose their cool as Bitcoin could bounce back to $42,000 levels or more this week. “Do not lose your cool,” Squire said and continued, “Normally on Mondays Bitcoin tends to go down, and gradually it will go up again.”
He stated that the market has been fluctuating for the last 4-months but has rebounded whenever there was a crash in a week. BTC has been going up and down between $38,000 to $45,000 for close to a month now.
Squire also predicted that the market might come to a stage where altcoins could stop mirroring Bitcoin’s rise and fall. However, he revealed that it might take a few more years to happen. He previously predicted that Ethereum could outperform Bitcoin in the long run and ETH could stand as the market leader.
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“In the short term, Ethereum will follow the path of its big brother Bitcoin. But in the long term Ethereum will be the main currency in the crypto world,” said Squire.
“In terms of energy expenditure, Ethereum is much more efficient than other cryptocurrencies and especially much more than Bitcoin. Ethereum in the long term has more opportunities for growth,” he said. He also called Ethereum “The currency of the future.”
Bitcoin: 2022 Performance
Bitcoin is yet to go parabolic this year as the leading crypto started off trading on the back foot. It experienced a crash in mid-January that sent its price plunging below the $40,000 mark.
Just when it dusted itself from the crash, BTC plummeted in price again in February due to the Russia-Ukraine conflict. The price of BTC slipped below the $37,000 mark then but managed to see a spike in the weeks ahead.
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Nonetheless, not many analysts are bullish on BTC at the moment due to various factors contributing to its price dip. Read here to know all the reasons why the cryptocurrency market is mostly trading in the red this year.
At press time, Bitcoin was trading at $39,076 and is down -3.5% in the 24-hours day trade. The top crypto is also down 15.8% in the last 14-trading days.