Bitcoin (CCC:BTC-USD) is down today and some crypto traders are wondering why? We’re diving into that latest crypto news to answer that question!
Bitcoin has been trending downward all week long and it looks like fear is the major force behind that fall. After BTC reached a new all-time high this month, the price of tokens started dropping along with sentiment for the crypto.
There are most likely a few reasons why Bitcoin is down today. That includes traders growing fearful of a decline despite its recent rise. That makes sense as a new all-time high will see some traders cashing out for profits.
That’s due to short-term traders entering and exiting the crypto when they see fit. On the flip side of that are whales, who are still buying up BTC even as the price diminishes. These traders have a bullish stance that leads them to believe the crypto will bounce back and even rise higher than before.
So where exactly can investors expect the price of Bitcoin to head? If recent price predictions hold true, the crypto should recover from this fall and reach new highs. That includes one estimate for $98,000 by the end of the month. Another claims traders could see BTC reach $250,000 per token in 2022.
Based on those price predictions, investors that continue to hold Bitcoin will be smiling soon. Even so, no one can blame traders for cashing out the crypto when it hit its most recent all-time high. Many are still aware of the massive fall BTC took earlier this year and likely want to avoid that risk themselves.
BTC is down 1.9% over a 24-hour period as of Friday morning.
We’ve got more crypto news to jump into below!
InvestorPlace offers daily crypto coverage that traders will want to know about today. That includes the latest concerning Floki Inu (CCC:FLOKI-USD), Solana (CCC:SOL-USD), and Coinbase (NASDAQ:COIN). You can get all those details from the following links!
More Crypto News for Friday
- The Floki Inu Marketing Blitz May Be Too Little, Too Late
- Solana Easily Could Become the Top Cryptocurrency From Here
- Crypto Craze Will Take Coinbase to a New High
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.