At around 20:20 UTC today, February 1, Bitcoin price (Coinbase) against the US Dollar has plunged down to $8,400, the lowest value in more than two months and so far in 2018. The price is still above the sub-$8000 level in November when we saw a consolidation and when Bitcoin started its epic run towards the middle of December 2017. Since the all-time high on December 17 at $19,891, Bitcoin has already lost to US Dollar by more than 57%.
The question is: Did we just hit the bottom?
We may have or we may still not have. I don't want to go further on the technical analysis of the Bitcoin charts since it's really not the thing that I do best. :) I just drew some lines on my TradingView chart because people say it can make me you look smarter lol jk. But from my point of view, we may have hit a very strong support level as Bitcoin has already regained around 10% of its value just 30 minutes from today's new low. For me, the possibility of the price to shoot past the $20,000 level in a week is just as likely as the price hitting a new low at around the $6,000 to $7,000 range.
What do you think? Share us your thoughts in the comments section below.
Part of me hopes so, but the other part of me that shorted bitcoin doesn't. I believe BTC needs a new bottom and it would be 8k. But if that happens, panic will push it further down, maybe 6k as you said.
What I think is that the longer the price stays at this level, the higher the chance we can drop to sub $7k or lower. For me, this is still a normal range for correction. But below $5,000 will definitely piss me off haha
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