Bitcoin Goes Down In Price, But Investors Still Optimistic

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Parth Vig
Parth Vig is a Management student, and a keen observer of Cryptocurrency and blockchain technology, his interest in writing brings him to thecoinrepublic.com, He believes that he has many ideas that he pens down and he feels it would be a great asset for any kind of creative writing.

Bitcoin has gone down in price a little bit from the bullish run it had in the last month. The community has clearly taken note of this and have been excited for witnessing another bull run. While there have been speculations of Bitcoin smashing the barrier that it once held in 2017. Bitcoin sure is making the community aware of its presence and the momentum they are creating.

Bitcoin Bull Run More Possible Than a Crash

Bitcoin is moving eerily similar to 2017 and that has made people predict for a full-on bull run this year. Analysis of the situation has suggested the same and that’s why there has been a major hype around it. The price has gone down from the US $8700 to $8500 in the past week but people have not looked at this in despair.

Josh Rager, a cryptocurrency analyst has looked at GMMA, a trend prediction tool and has told that bitcoin crossing $7000 was the end of the bitcoin bear and bull intentions are anticipated. He gave the following statement :

“People have questioned if ‘dips are buying’ And my answer is still a strong ‘yes, dips are for buying’ Even if we do see strong pullback lasting weeks, the correction will only serve to refuel a strong move up post-correction with past avg. of 150% gain between 30% pullbacks.

With Bitcoin and crypto markets, anything can happen as these markets are easily manipulated But until we close below $5,500 area on a weekly level, I’ll remain bullish Let’s not forget that we just closed out the strongest monthly candle on the Bitcoin since 2017.”

Right now, just 4 days into the month Bitcoin has fallen again and now it has gone below $8000. It sits at $7800-7900 now and this was already anticipated. Investors and the community anticipated a 30% pullback based on the historical performance of bitcoin. Bitcoin is making to look make an impact this year, whether it is positive or negative, it is for sure going somewhere.

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