It nearly had been ten days ever since we saw Bitcoin reaching this year's high price point of $12,000 per Bitcoin until a series of sell-offs from who knows who caused it made it to lower its price to now $10.2K to nearly 10.5K a couple of days ago. The reason for the slump back to current prices ranges from the belief that it was the stocks as the main factor since it is undeniable that the two financial realms are correlated to each other.
Some says that it was the miner's that sold their BTC stash that caused it since miners holds a lot of BTC plus the fact that they are paying for huge amounts of electricity bills. Or it could be a manipulation from their part trying to buy more cheap BTC in the process. Then also it could be "Whales" most especially, the large Bitcoin holders who just manipulates the markets for their own financial gain all because they have the know-how and the power to do so.
Actually the price of Bitcoin is affected by many factors particularly world events and news even politics as politics and financial world is intertwined to each other. Like for example if Trump would not get elected then his grip to the stock market or at least to the people who are responsible for influencing it will cause the stocks to react and since stocks and BTC are shadowing each other then we will know what would Bitcoin go.
Then there was the issue of CoViD pandemic which affected the income of many people because of the disturbance of the supply chain. So the effect is not much people having the ability to buy cryptocurrency because not much businesses are running and in turn no income for potential BTC investors or traders.
So no one really can predict the price direction particularly for Bitcoin in the short and medium-term perspective. But in the long-term perspective BTC price remains to be bullish because of its limited and ever dwindling supply plus the fact that new users of cryptocurrency are being born everyday and trying to learn and or trade and invest in cryptocurrencies in general.
It is never late to invest in bitcoin today because it is still relatively cheap if we consider the factors into why it will increase its value in time. Time is the only factor to consider when investing in Bitcoin because if you buy now you can just wait and in the near future you can see profit because of the above stated reasons.