Bitcoin price falls below $4,000 losing over 10% in value after reaching a new all-time record high above $4,400. At the time of writing, the price is around $3970.
Bitcoin price chart on coinmarketcap.com
As the data from the Bitstamp Price Index shows, Bitcoin price reached $4,400 during the early hours of Tuesday around 02:00 AM (GMT). Then, the trading period over the day saw Bitcoin’s value slip back toward $4,200 around 07:00. A sharp drop at 11:00 resulted in Bitcoin price dipping to $3,925.
Data on Bitcoin price from the Bitstamp Price Index
As Sheba Jafari, Goldman Sachs' chart analyst, claims, Bitcoin is riding a “fifth wave", so this rapid price fall must be the correction phase after which, according to the predictions, the price may drop to about $2,000.