Bitcoin Takes a Dive Below $9,500
On February 17, Bitcoin (BTC) took a tumble, dipping below the $9,500 mark for the first time in almost a fortnight. This drop wasn’t just a casual slip, but a part of a larger trend affecting the crypto market. Chart enthusiasts everywhere were scrambling to make sense of the downward pressure looming over digital currencies.
The Struggle at $9,500
Bitcoin’s adventure continued as it hit a twelve-day low of $9,485 Monday. You could almost hear the collective gasp from traders as BTC struggled to maintain its footing. They might as well have put “Help Wanted” signs all over BitMEX, where a single deposit of 600 BTC—worth a whopping $5.72 million—was made amidst the turmoil. Talk about investment pressure!
Can Bitcoin Find Its Mojo?
While the weekly losses hovered around 3.5% for the day, there’s some silver lining: Bitcoin still managed to sustain a strong 7% growth over the month. With the year-to-date figures still glowing at nearly 40% returns, it’s clear that not all hope is lost. It seems that Bitcoin’s legacy might just be a series of highs and lows as it rebounds from the brink.
Long-Term Prospects from Industry Veterans
Despite the short-term chaos, some crypto veterans remain bullish about Bitcoin’s future. Veteran trader Tone Vays recently mentioned that the $9,500 mark could serve as an ideal entry point for long positions. Meanwhile, Max Keiser, a well-known face in the crypto world, proclaimed his elevated outlook for Bitcoin, asserting that it wouldn’t stop at a modest $100,000; instead, he envisions a fabled peak of $400,000. Bold claims, right?
Technical Expectations and Predictions
As Bitcoin grapples with its price fluctuations, it’s also worth noting that current levels suggest it might be outpacing technical predictions ahead of the May 2020 block reward halving. According to the stock-to-flow model, Bitcoin’s trading average is projected to be around $8,600 until May. So, it seems like the crypto sphere is in for a wild ride as we inch closer to significant market adjustments.
