Bitcoin, the world’s most valuable cryptocurrency, is sliding after failing to reach the elusive $100,000 per coin mark. It lost almost 8% from last week’s all-time price of $99,830 and traded below $92K on Tuesday.
Bitcoin soared following the U.S. presidential elections on expectations of a crypto-friendly government. However, the rally never went as far as crypto investors expected, and they are now taking profit instead of waiting for the $100K barrier to be broken. One estimate is that $60 billion worth of Bitcoins have been moved in the past month.
According to experts, the current slide might not last long. Their view is that the profit-taking is an expected move after record highs and that Bitcoin will move up sooner rather than later.
“While breaking through now would be a major bullish signal, a brief pullback may be needed to gather momentum before the next attempt,” Mati Greenspan, CEO of Quantum Economics, told CNBC.
“Historically, when new all-time highs are reached, there is typically a period of consolidation before further moves up,” Brett Reeves of crypto-focused company BitGo added.
The next major movement of Bitcoin’s price is expected to take place around December 27th. This is when $11.8 billion in Bitcoin options are set to expire, and it is believed that the market could end up going either way.