As the third week of June 2018 came to an end, the price of Bitcoin reached a new low for the year. On the major cryptocurrency exchanges, Bitcoin was trading below the $6,000 mark, and some analysts believe that this downward trend could extend a few more weeks, which means that the bullish rally many traders have been expecting could be delayed until later this year.
Price forecasts for the world’s most valuable digital currency are now approaching the $4,500 mark; the idea of Bitcoin falling below $5,000 was hard to fathom a few months ago, but in the current situation it no longer seems unreasonable. Lower volatility is at the heart of this trend, which has been developing since Bitcoin was trading around the $10,000 level in April, and which more clearly represents a correction. As a financial trading commodity, Bitcoin is becoming more mature, but mainstream circulation is still lacking; until widespread adoption takes place, the price of this digital currency will continue to be influenced by speculative pressure. As long as investors continue to buy and sell Bitcoin purely for trading purposes, there is little to prevent bullish rallies or bearish periods.
There have not been many forecasts of a rally taking place in June; however, few analysts expected to see Bitcoin at the low levels it has reached this month. Now that a drop towards $5,000 and maybe even lower is feasible, traders will likely have to wait a few more weeks or even a couple of months before taking longer and more bullish positions.