Crypto News: Bitcoin Bounce in Jan 2018!
I watched in shock and awe yesterday as Bitcoin fell from 11,000 USD to 10,000 USD and just when I thought it couldn't go any lower, it did!
I saw it hit about 9500 USD and trade around there for an hour or so before finding legs to make the journey back up!
Some may still feel that bitcoin will continue to crash and burn, but many strategists feel the chart suggests it has already found a temporary price floor.
There are others saying that the BTC ride downwards will continue in a death spiral. For example,Citigroup analysts, say we haven't seen a real bottom yet. They have called another rapid fall to $5,600.
According to CNBC.com's chart, bitcoin hit a low on Wednesday of $9,230. And it was just above $10,000 in afternoon trading, down about 13.5 percent.
I woke up today pleasantly surprised to see BTC had bounced to 11,000 USD!
Who knows what to expect from here? What are your expectations for Bitcoin in coming weeks and months? Have we seen a true floor or was that last plunge just a preview of what's to come?
Thanks for reading @techblogger!
Source:
Bitcoin tests important price level after dramatic plunge - CNBC
Image Source:
CNBC
We should know in a day or 2 if we found support here..
Yes! I think a slow recovery will do a lot to steadily build confidence.
Up to now what has been consistent is that predictions made about crypto by people involved with banks have not been close to accurate, so probably when they say down it means up.
Agreed. Can't give them more than a thought or two. They certainly haven't been accurate in any sense.
This behavior (the wild price-swings) should come as no surprise to those who have followed cryptocurrency since the early days of its introduction. To think that the 200-300% bull-run that occurred since August was sustainable is a complete rookie mistake. What this dip (better-so called, a well-needed correction) shows is that the price is starting to settle to it's true value-point. This "large" dip at the beginning of the year was actually quite predictable (as predictable as you could be in the wild cryptomarket) looking back at the past two years that had the same behavior at the start of the year.
I was just shocked see the prices plummet yesterday
But now I'm happy that it recovered
Hoping the end of this weeks brings it back in the 12,500s where it can hopefully hover for a bit. I think there's a bit of bounce back coming
A move back to 12,500s would be welcomed and if it could stay there a while it could give alts a chance to shine as well!
Great analysis, I have to study this a lot. You inspired my profile, keep up the good work
Another downturn would be good, wash out all the weak hands. I have my bids in.
I feel a lot of the weak hands have already been washed out although there may be a few sticking around to see what sort of short term gains they can get out of a bounce before they exit. This seems a good as point as any to get some cheap coins with renewed confidence.
We have to wait for it to come back safely next week it reaches again a good position
How high do you think it will bounce before going down lower lows?
Everything will depend on the confidence that they project in the if the investor enters the panic. It seems to be difficult for this virtual currency to recover.
Everything will depend on the trust that you, me and all of us place in it without listening to what the supposed specialties in the ma...