The bitcoin price has dipped below the $5,900 mark, after initially dipping below the $6,000 mark on June 23. Subsequent to four consecutive sell-offs as shown in the 1-hour bitcoin price chart below, BTC officially fell to a yearly low.
On February, the bitcoin price recorded a major drop from around $8,000 to the lower end of $6,000, bottoming out at around $6,050. However, on June 24, the drop of BTC continued to the higher end of the $5,000 region, entering $5,000 for the first time since early November.
The price trend of BTC has been nearly identical to the fall of BTC in 2014, when it experienced a 80 percent correction from its all-time high. Conceptually, the fall of BTC in 2014 and 2018 poses no difference, given that both corrections were triggered by the eruption of a retail investor bubble.
From May 29 to June 10, bitcoin and the rest of the cryptocurrency market seemed to be recovering, recording 12 days of stability and consecutive minor gains. But, a massive sell-off on June 11 that led the price of BTC to fall abruptly from $7,700 to $6,670 initiated the start of yet another short-term correction, leading BTC to plunge to the $5,000 region.
The price trend of BTC has played almost identically to the scenario provided by cryptocurrency researcher and investor Willy Woo in late May. Woo stated that due to the extreme volatility in the market and the low daily trading volume of BTC, it is likely that BTC will experience a slow bleed out to $5,500.
As of current, many traders see a BTC bottom at around $5,000, some below the $5,000 region. But, unless the market fails to rebound at all and show no signs of mid-term recovery, it is difficult to see BTC dropping below $5,000.