November was the Worst Month for Bitcoin Prices in 7 Years

The great Bitcoin selloff of 2018 continued in November. In fact, it was the worst month in the past 7 years as the price of BTC dropped another 37% in November alone. Is there any hope left for Bitcoin and cryptocurrencies? After Bitcoin dropping 37% in one month many hodler’s are finally starting to worry. Others are saying that we have seen the worst of it now. Only time will let us know for sure.

Where is the Bottom for Bitcoin?

The huge bear market of 2018 has been quite the opposite of the amazing bull market of 2017. The big question is when & where will Bitcoin find a bottom? Some bulls have already called $3,400 the bottom while other experts argue that it needs to test $2,500 to find a true bottom.

Bitcoin Price Range Bound in December

Bitcoin IconMost likely the price of Bitcoin will remain range bound in December to close out the year somewhere between $3,400-$4,400. It could possibly break out a little higher towards $5,000. It could also possibly drop even further towards $3,000.

Given that after the first 6 months of the year when Bitcoin was in a decline it found stable grounds for 4 months near the $6,400 level its likely the price action will follow that same trend. Finding a narrow trading range over the next couple of months while the market determines the real value of BTC is likely.

How does this Affect Bitcoin Gambling?

The slow downturn in the price of BTC has had a negative impact on the Bitcoin gambling industry. Many gamblers had been playing at online casinos with Bitcoins over the last few years. A good percentage of these Bitcoin gamblers have started to wait on the sidelines. Many of them have sold their Bitcoins in hopes to buy them back later on at cheaper prices.

Bitcoin casinos are expecting a new wave of crypto gamblers to arrive in 2019 based on the hope that it will be a better year ahead for cryptocurrency prices. Lets wait and see how it unfolds.

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