Bitcoin Price Spirals Out of Control as $10,000 is Far Away

The infamous meme sentence “man not hot” would certainly apply to the Bitcoin price trend right now. More specifically, this currency is going through a pretty rough patch right now, although it remains to be seen how things will play out. More specifically, the Bitcoin price is genuine struggling to retain its value whatsoever, as the market is still pretty sour right now. It is not unlikely this is only the beginning of a major price correction.

What Comes Next for the Bitcoin Price?

Sadly, there is no real answer to this question whatsoever. More specifically, when the Bitcoin price hit $11,500 less than 24 hours ago, people were elated. As one would expect, FOMO started setting in and people called for a $15,000 price before Christmas. Those with a clear mind could certainly see things would not go as smoothly, and it didn’t take long before the reality started setting in.

More specifically, the Bitcoin price took a sharp nosedive all the way to $9,600 and has been struggling to remain at that value ever since. Despite a strong push toward over $10,500 , that momentum could not be sustained whatsoever. It has been a few hours since hitting that print point and the Bitcoin price is now struggling to reclaim $10,000. A very normal turn of events, to say the very least, but it is still pretty cumbersome to watch it unfold.

It is evident there is a lot more interesting in selling Bitcoin than buying the world’s leading cryptocurrency right now. A lot of people have bought Bitcoin at the top, unfortunately, and they are now faced with a difficult decision.  Either they sell to keep their losses to a minimum, or they simply hold out in the hopes of seeing the Bitcoin price go up again in the future. While this latter option seems the best choice right now, there is no reason to think we will see a Bitcoin price of over $11,000 again this year. It may still happen, though, but it seems rather unlikely right now.

With over $10.3bn in 24-hour trading volume, there is no lack of interest in the world’s leading cryptocurrency whatsoever. Those who see the bigger picture will certainly acknowledge this is an excellent dip to stock up on Bitcoin. However, everyone wants to buy BTC as cheap as possible. Catching this falling knife will not be easy whatsoever, as it doesn’t appear as if this is the bottom for this particular dip just yet.

With so much trading volume to go around, it is almost surprising to see Bitfinex still in the lead. For some unknown reason, this particular platform generated twice the volume of Bithumb. That is rather remarkable,  considering there are some serious allegations affecting this exchange. How all of this will play out and impact the Bitcoin price in the coming days and weeks, remains to be determined. For now, there will be a fair amount of volatility to contend with, unfortunately.

Rest assured there will be a very strong focus on the Bitcoin price moving forward. Whether that means we will see another run at surpassing $11,000 this year, is anybody’s guess right now. We can only hope to see the markets stabilize before the weekend comes around. Right now, that doesn’t appear to be in the cards, though, but things are always evolving in the world of cryptocurrencies.

Source: themerkle.com

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