Why Are Bitcoin (BTC) And Crypto Prices Down?
Essentially, BTC and crypto prices are down because of two reasons. First, the US Dollar moved strongly higher, pushing markets and crypto lower. Second, Bitcoin’s 3-month cycle suggested a local top on December 19th.
While it’s no fun to see the price of Bitcoin drop 12% in 72 hours, it was an inevitable situation.
Here are the 2 reasons why the price of Bitcoin is dropping, and why crypto prices are down. Moreover, there is a psychological effect ($100k) at play which we explain as well.
Long term, we remain bullish as explained in our latest Bitcoin price prediction research. Short term, BTC is clearly vulnerable as the BTC price drop started right at an important point in Bitcoin’s 3-month cycle (see below).
