The price of bitcoin is back below $4,000.
Following a period of record highs, average prices across global exchanges declined at the start of trading on August 22, having already dipped more than $150 already from the day's open. At press time, bitcoin was trading at $3,894, its lowest total observed since April 15, when the price hit a low of $3,892.
However, despite the continued show of strength from the market, some traders indicated a belief that bitcoin's rally – which has catapulted the digital asset to 350 percent gains this year – might be reaching its peak.
BTC VIX, organizer of the cryptocurrency trading group Whale Club, remarked that he is losing confidence in the rally. In particular, he cited the fact that bitcoin prices have dipped below $4,000 four times since first surpassing the milestone, a sign he thinks the market isn't keen to push the price higher in the short term.