At the start of 2018, everyone thought Bitcoin was going to the moon, so to speak. 2017 saw the price of BTC surge by thousands of percent, boosted by retail inflows which itself was caused by the hype around altcoins like Ethereum.
Thus, when Bitcoin began to rapidly tumble in the months that followed January 2018, analysts began to worry. By around April, it became clear the cryptocurrency market had reentered a bearish state.
But the following question remained: how far would digital assets drop?
Of course, everyone had their speculations — some said $1,000, others said $8,000. One cryptocurrency trader, SmartContracter, wrote in June 2018 that he is “calling a bottom at exactly $3,200, with a $200 leeway on either side.”
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