yes it is true if you see that someone getting more than you will try to snatch some of the things and it will create the loss in price or we can say it war of superiority
according to a biggi banking gaint says that after 3100$ there will be a movement for bitcoin which will cause lowering price of bitcoin
According to ZeroHedge, there is an expected reversal once it reaches its all time high. This is because he claims that the oscillator shows negatively which indicates an eventual bear movement.
In fact, recent movements in Bitcoin price shows trends of it going lower than the highs that it has accumulated over the past weeks essentially reaching a ten week low of $2,547.
With this in mind, Bitcoin is expected to further drop in value as the weeks go by. Bitcoin is not the only cryptocurrency that hit a low. In fact, other cryptocurrencies have hit a low red mark including the the second contender to Bitcoin, Ethereum, which has also reached a low of $361 after it went over $400 in its last all time high.
In fact, almost all the cryptocurrencies experienced lows this week so it could be a market correction which frequently happens in other financial markets such as the stock market.
However, with this movement, it does seem that the prediction of Goldman Sachs may be right on cue with their prediction of a bearish market.
The Ethereum takeover?
While Ethereum has also been experiencing price correct along with Bitcoin, it seems that Bitcoin’s drop is much lower than that of Ethereum. This might be an indication that Ethereum is set to overtake the Bitcoin this year. According to report by Market Watch, the value of Ethereum is rapidly increasing in an uptrend although there are occasional drops.
The Bitcoin, on the other hand, is remaining quite steady with a big price drop which may be a chance for Ethereum to take over