Bitcoin Investors Face More Pain On Likely 35% Plunge
It seems Bitcoin is melting faster than the Arctic ice cap.
The crypto currency already has dropped by roughly 56 percent from its peak of $20,000 per unit since the middle of December, inflicting huge losses on investors expecting it to reach new records. But the bleeding may not be over with more declines likely, according to a technical analysis. Bitcoin's support price of $7,700 was tested briefly early on Friday, a worrisome development, before rallying to $8,600 early in the afternoon. If Bitcoin falls again and breaks that support level, which is now more likely, the cryptocurrency could plunge another 35 percent to roughly $5,650.