It's been an exciting time recently for Bitcoin. In just one month Bitcoin has surged 38%, a staggering $26,000. It's an epic achievement and one that is unparalleled when it comes to Bitcoin climbs.
Therefore we shouldn't be too surprised by the pull back we have witnessed from Bitcoin in the past few days. I guess it was inevitable that a correction was on the cards. So far all the signs appear to be just that - a correction and nothing more.
Bitcoin pulled right back by around 9% to $90,674 on the 26th November, so within the 10% parameter allowed for corrections. But it didn't stay down there for too long. Bitcoin soon returned to the $95k mark and for now seems satisfied to stay there.
So what's Bitcoin's next move? Well all the indictors show that overall Bitcoin is still moving in the right direction and bull sentiment is still moving upwards. CoinMarketCap records a 79% bull sentiment for Bitcoin right now. We're also seeing some more serious vertical movements with the alts at the moment, which is fantastic to see. Hive now trading at $0.29.
But I must say Bitcoin is keeping us all guessing a little bit. Is it going up or down? It can't quite seem to make its mind up in my opinion. Perhaps this is simply a consolidation period and Bitcoin is getting ready for another climb and will then be ready to smash that $100,000 line of resistance. Let's hope that's what she's up to at the moment.
Peace!
100k before next year...
There's still some time..