As all cryptocurrency market is going down each day there is no excitement out there from buyers, and the global interest is going down.
Cryptocurrency and Bitcoin especially have been doing great in 2017, as all know Bitcoin goes from $1000 to nearly $20,000, and do any one thing of a correction!
It's not about losing faith or so, It's just MUST correct itself as it didn't build any support all along when going above 7000, and 8000 levels. We have been surprising and sure one of you when are seeing bitcoin goes all the way up from these levels to around $20k.
So What that explain?
I'm not a financial advisor or any expert by any means.
Bitcoin prices are going down for the last 2months and it should be normal as the recent big run-up, Today bitcoin price is trading at around $7100, which break many support levels before.
We are not going to say any support level for now but let's go back to Sep 2013 Bitcoin price was hovering around $100, and Dec 2013 it goes up all the way to $1100.
After that, we have seen a huge drop in Bitcoin price for almost 1year and 6month of continues drop and bear market that lead the bitcoin price down back to around $200 in March 2015.
From March 2015 to Dec 2018, Bitcoin didn't stop it's Bull trend. Let's think bigger now, we have al almost 3years and 9months of continues Bull run, for sure with minor correction but overall Bitcoin price + Bitcoin Interest has gone way up in this period.
Some analysts say that with every huge bull run we might see a correction that could reach 60% of it's highest price.
For our situation we might something similar to that situation happened in Dec 2013.
How Low can we Go?
As many technical analysis out there saying price tag something around $4500 and $5000. As all of that depend on Interests of NEW people buying bitcoin and on Big investors or Whales. Let's face it, a lot of big investors are more than happy to see bitcoin $ 4-5k, so they can go in at a very cheap price. We need to figure out our floor, as I see for now we still didn't get to a stable support level. We mean stable it that it could keep for months at the same price before it starts its bull run. This is how a market works. There is nothing going happen overnight.
As a conclusion, We might see a long bear market for bitcoin and another cryptocurrency it could range from a year to year and a half. For now, all we can do is Holding our coins and accumulating more and more as long as bitcoin go down, at the end there will be only 21 Million Bitcoin and it will be back up more than our All time high right now.
Have a good day, Thanks for reading.
Regards.