Check out the similarities on these charts of bitcoin over the past 4 years:
(Source:
)https://twitter.com/ArminVanBitcoin/status/953329915235102729
- ArminVanBitcoin
Do you see any patterns?
Over the last 4 years (including this year), it looks like the price of bitcoin has taken a dive in the middle of January every single time.
In the 3 previous years, that was ultimately the low for the next 3 months (at the very least).
Some are saying that the selling has to do with the Chinese New Year, and how Asia is a lot of the trading activity in bitcoin and for that reason, there is a lot of selling due to people taking money out to buy gifts etc.
Whether that is the reason or not, I am not sure, but there does certainly seem to be some seasonality to the trading activity of bitcoin.
Will the middle of January turn out to be a short term bottom for prices again this year?
Time will tell, but there are certainly still a large number of people calling for much higher levels in bitcoin this year, which ultimately are representing a higher and higher percentage return as prices drop.
Which means to me, the risk/reward is getting more and more in favor of putting money to work here.
Each person must make that decision for themselves and not invest more than they are willing to lose, but for me personally, I just picked up some more bitcoin under $11k.
Stay informed my friends.
