Has the Bitcoin reached its bottom?

Bitcoin at 6-month record low

On Tuesday the Bitcoin price dropped to a six-month low of $6,515 on the Luxembourg Bitcoin and Crypto Exchange Bitstamp. The price of Bitcoin has fallen by about 6 percent in recent days and has subtracted billions of dollars from the value of the world’s largest crypto currency.

From China, the Bitcoin and crypto industry has been put under pressure for a Bitcoin and crypto trade warning, some of which have caused the last sellout. According to a report by the People’s Bank of China on Monday, more than 170 Chinese platforms offering virtual currency trading and the first issue of coins have left the business without risk.

Now Wall Street veteran Peter Brandt, who has made a name for himself by predicting the catastrophic bear market situation for Bitcoin in 2018, has set Bitcoin’s low for July 2020, two months after halving. Bitcoin’s investors are confident that the number of Bitcoin distributed to the miners will be halved next year from 12.5 to 6.25 Bitcoins, resulting in an increase in Bitcoin and crypto currency users.

“My target of $5,500 is not far below today’s low,” Brandt wrote on Twitter before the weekend price drop. “But I think the surprise might be in the duration and nature of the market. I’m thinking of a low in July 2020. The bulls will be exhausted sooner than a price correction.”

In 2019, Bitcoin is still clearly in the plus since it ended last year at 3,674 US dollars. A rapid rise from April to June, when it climbed over 13,000 US dollars, caused it to lose momentum and has been gradually declining ever since. However, most in the traditional financial industry are not yet so convinced of Bitcoin and Crypto.