• Entertainment
  • Finance
  • Marketing
  • Real Estate
  • Technology
  • Social
National Journal Community Of e-Experts
Finance 0

Bitcoin Price Could Drop Another 50%: Cryptocurrency Bubble Popping Won’t End Well

By Kurt Osterberg · On April 11, 2018

Bitcoin Price Setting Up to Disappoint the Bulls

Bitcoin was the hot topic a few months ago. No matter where you looked or who you talked to, the cryptocurrency was getting a lot of attention. In the midst of this, there were a lot of calls for the Bitcoin price to go much higher.

We were even told that Bitcoin would hit $1.0 million!

iStock.com/Iaremenko

Well, those predictions were very wrong; the cryptocurrency now trades at $6,734, which is 64% below its highs of around $19,000.

Here’s the thing: those who were predicting that the Bitcoin price would soar were forgetting that the cryptocurrency was getting into bubble territory. They forgot that a bubble could go on for a while, but when it ends, it’s never good.

With this said, please look at the Bitcoin chart below. It shows exactly what has happened with the cryptocurrency, and where its price could be headed next.

Chart courtesy of StockCharts.com

Between June and October 2017, we had the so-called smart money coming in. The Bitcoin price was relatively stable. There wasn’t panic buying or panic selling.

Then, at the end of October, we got into the greed-and-delusion phase, which continued until mid-December. This is when Bitcoin started to skyrocket and there were outright unhealthy moves. The cryptocurrency’s price went from $4,000 in October to $19,000 in December.

That was way too rapid an increase, given that the fundamentals weren’t strong. We had a lot of regulation talks, and countries were discussing how Bitcoin will be taxed, and whether it should even be allowed to trade.

In late December, there was a sell-off.

Instantly, after the Bitcoin sell-off, we had buyers come in. They bought thinking that the cryptocurrency’s price would bounce back. This is what you call a bull trap; it’s when price action lures investors in. They start to think it’s stable and that it’s time to buy.

Now, we are seeing sellers’ capitulation.

Print Friendly, PDF & Email

Share Tweet

Kurt Osterberg

You Might Also Like

  • Finance

    STEPN Sneaker NFTs Sell For $100, Previously Worth $1200

  • Finance

    NFT Prices in Free Fall – 5 NFT Collections to Start Buying Today

  • Finance

    5 NFTs Trending on Twitter Going Cheap to Invest in Now

No Comments

Leave a reply Cancel reply

Top Finance

  • 3 Best Large-Cap Blend Mutual Funds For Enticing Returns 3 Best Large-Cap Blend Mutual Funds For Enticing Returns
  • What is Value Chain Analysis? How to Deliver Value & Gain a Competitive Advantage What is Value Chain Analysis? How to Deliver Value & Gain a Competitive Advantage
  • Hedge Funds In The US Hedge Funds In The US
  • 5 Ridiculously Useful Non-Monetary Reward Examples that Improve Employee Engagement 5 Ridiculously Useful Non-Monetary Reward Examples that Improve Employee Engagement
  • Chart: Amazon’s Dominance In Ecommerce Chart: Amazon’s Dominance In Ecommerce

New Posts

  • STEPN Sneaker NFTs Sell For $100, Previously Worth $1200

    STEPN Sneaker NFTs Sell For $100, Previously Worth $1200

    June 20, 2022
  • NFT Prices in Free Fall – 5 NFT Collections to Start Buying Today

    NFT Prices in Free Fall – 5 NFT Collections to Start Buying Today

    June 20, 2022
  • 5 NFTs Trending on Twitter Going Cheap to Invest in Now

    5 NFTs Trending on Twitter Going Cheap to Invest in Now

    June 20, 2022
  • Bill Gates – ‘NFTs & Crypto Based on Greater Fool Theory’

    Bill Gates – ‘NFTs & Crypto Based on Greater Fool Theory’

    June 20, 2022
  • Actor Seth Green Pays $300,000 to Recover his Stolen BAYC NFT

    Actor Seth Green Pays $300,000 to Recover his Stolen BAYC NFT

    June 20, 2022
  • About
  • Contact Us
  • Privacy & Policy
  • Sitemap
  • Terms of use

Copyright © 2018-2021 NJCEE. All Rights Reserved.