Crypto investors are seeing red this week. Bitcoin plunged to two-month lows on Thursday, dipping below $9,000 for the first time since November. At the time of writing, Bitcoin had bounced back up to the $9,200 level, down from weekly highs just above $12,000. This week has seen coins across the board in the red a sign that investors are jumping ship to fiat currencies this time instead of swapping into altcoins as weve seen in the recent past.
https://imgur.com/a/1DaM3Bitcoin prices could drop drastically by up to 50 percent. And here are some things that can make the value of Bitcoin down dramatically;
1. Bitcoin Mining Closure.
When a Bitcoin mine goes out of business, they usually tend to immediately remove all the Bitcoins they have stored. this could trigger a chain effect until the Bitcoin price drops.
2. Prohibition of Using Bitcoin Announced By A Stronger State of Economy.
Among the factors driving Bitcoin prices up, there is an element of recognition from a stronger economy. therefore, the reverse is true; Bitcoin's price drops if a stronger economy oppose and prohibit its use.
3. Closing of Bitcoin Exchange.
The law of supply shall also apply to the price of Bitcoin. the higher the supply of something, the lower is the price, if other conditions in general nothing has changed.
4. Technically, Bitcoin Already Buy (Overbought).
overbought means in other words, the current Bitcoin price is actually too high compared to the price that can be accepted by its users .