Bitcoin: Correction Coming or Bull Run
3 months ago Bitcoin News Comments Off on Bitcoin: Correction Coming or Bull Run
Bitcoin which is a relatively new form of value storage on the internet was invented by an anonymous person and released to the world in late 2009. The idea of Bitcoin is to be able to securely send payments without a third party being required to process the payment e.g. Banks. The transactions are not reversible. Bitcoin was released under open source and MIT License. The Bitcoin community has named the lowest unit of Bitcoin, 0.00000001, a satoshi after the anonymous inventor.
Bitcoin has been on a very long uptrend and for those that like to look at the long term charts, even though Bitcoin has been smashing through the all-time high records like no tomorrow. A Bitcoin price correction might be heading our way around the 13th or 14th of May 2017. If Bitcoin does test the floor it is likely it will reverse and continue it’s over one year long trend of going up.
However, since there has been little negative news with any Bitcoin exchange and this is the highest Bitcoin price in history as of yet the price of Bitcoin may not drop at all and just level off for a while. Everyday more people around the world are recognizing the power of Bitcoin and they are buying more Bitcoin every day further increasing the price of btc. The higher the price of Bitcoin reaches the less the miners have to sell to maintain their operation costs; which in turn drive the supply and demand factor further pushing the price up.
Then again the charts are showing a potential correction down testing the floor. This would make sense since Bitcoin has been climbing nonstop after dropping near the $1300 mark. It may be time for Bitcoin to test the floor as indicated by the historical flow of Bitcoin. If Bitcoin does continue to rise it will break the historic cycles of the Bitcoin price. The price may increase rapidly over the next few weeks and reach a predicted high of $5,000 USD.
Which way is it going, is up for you to decide. Either way you play take extreme caution and be sure to set stop losses as prices may fluctuate widely and rapidly.