Bitcoin price drops, some say bulls are tired

From $3,915 to $3,674 just in three hours – this day has not started well for the most famous and popular cryptocurrency in the world. As everyone looks at the data from Coinmarketcap and other similar websites, some are already telling that the trend has changed completely, just as Sheba Jafari warned.

However, later, from 05:00 to 06:49 UTC Bitcoin has managed to regain some losses. But then it started to drop again, and there’s yet no certainty how this drop is going to end. These fluctuations, anomalous for those who got used to this stable growth we have seen last week, might indicate that the growth of prices will change to drop stage with many little correction waves along the way.

BTC VIX, who leads the Whale Club, a cryptocurrency trading community, has told CoinDesk that he “is losing confidence in the rally” and that prices already dropped below $4,000 several times, which means that market is not interested in keeping the price so high in the short term. “The bulls are tired,” he concluded.

Mike Kayamori, the CEO of Quoine bitcoin exchange from Japan, states that this current drop is not a big event. The really big turning point for bitcoin prices, he believes, is going to be the Segwit2x in November (which our website described before).