Bitcoin, the king of cryptocurrency just when looking to take off, was stopped in its tracks after touching year high. Just when Bitcoin was about to touch the US $9000, it went down by 6% after surging upwards from the start of the month.
A Start of a Rise or a Fall Again?
Bitcoin has a good year so far and an exceptional month in terms of growth. Starting with just below $6000 and almost $9000 would be satisfactory growth for any cryptocurrency in the market. But, for Bitcoin, the quintessential currency of the market it is a minor letdown to see that growth not translate into something big and end the month of a low note would be disappointing. Not all is lost though as Bitcoin still sits at $8300 right now.
Bitcoin price can go anywhere from this point now and differing opinions have been put in the market about it. Going from $8900 to $8600 in an hour and then plummeting to $8200 would sure be disheartening but some Crypto Pundits think otherwise. According to some experts online, this is just the start of another meteoric rise of Bitcoin and the 2017 FOMO is bound to repeat again. According to them, bitcoin will regain and rise $10,000 in the next week.
Naeem Aslam, the chief market analyst of ThinkMarkets, expresses the same and says the following about it :
“Technically speaking, I think bitcoin price is likely to blast through level of 10K this week or by next week if the momentum continues at this pace. The price is trading well above the important moving averages, 50, 100 and 200-day simple moving averages and the most important among all of them is the 242-day moving average.”
This was the optimistic side of a sudden dip. There were many to point out that such a fall wouldn’t help Bitcoin and the market isn’t all hunky dory and the reality is harsh. Those who think that bitcoin will “die” believe that this is the start of the downfall of bitcoin and the “eventual death” has begun. While there are many opinions on this situation, Bitcoin has seen such high and lows before and most probably won’t go down as far as 95% as some people predict.