Current Price Analysis Of Bitcoin – September 2018
Bitcoin’s ever-changing price has taken early adopters on a roller coaster ride since the beginning. But, is it finally starting to stabilize? Expert analysis still leads to a resounding no. Following its hike to over $20,000 in December 2017, Bitcoin has since taken a significant dive, with price dips continuing well into mid-2018.
The reason being? Supply is still far outweighing demand.
On June 10th, the price of Bitcoin dropped 11% in only 24 hours, bottoming out at $5,848 at the end of the month. That’s a huge decrease, and a rapid one too, considering Bitcoin had started the month out holding steady at over $7,500.
Into July, Bitcoin was on the rise again but hit a slump near the middle of the month where it hung around $6,200 for a few days. It ended the month at $8,168.
At the start of August, Bitcoin faced its longest streak of days in the red since 2014 as the price managed to weaken by 25% in only 10 days, dropping to $6,300. As of August 31, the price had climbed back to just over $7,000.
The market showed signs that demand is lacking and supply is strong. As of September 4, 2018, the price sits at $7,348.01. In the coming weeks, experts hope to see Bitcoin test the $8,400 mark.