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Bitcoin Gradual Price Fall, The Short Story Behind It

Discussion in 'Bitcoin Investments | Discussions' started by philipj, Jun 17, 2018.

  1. philipj

    philipj GrandMaster Crypto Guardian

    Last December Bitcoin reached almost $20K and other cryptos saw an exciting rise with some tokens witnessing a massive 1000% increase. No one would have expected what is to follow. This year 2018 began with a downtrend which continued on for six month.

    The following break-down shows what has transpired in bring bitcoin price to its current level of $6400 as at the time of this writeup.

    • From ~$20K to $14KThe expected pullback: Although the analysts and traders predicted a fall to $16K, $14k is what they settled for as a “pull-back” price scenario before Bitcoin went back up again.

    • From $14K to $11.8K – Regulatory Concerns: The second half of January was plagued with regulatory crackdown news from South Korea to India where the possibility of “banning” cryptos was in play. Chaotic and panic driven markets could be seen in play.

    • From $11.8K to 9K – Uncertain markets + hacks + Mt. Gox Fear: This phase was clouded with fear following the regulatory hacks. Although Mt. Gox’s selling would or wouldn’t have affected the prices during January/Feb, the fear definitely played a part and kept institutional investors at bay. Exchange hacks rumors and a big chunk of money being actually stolen did play a part in the already “FUD”ed markets.

    • From $9K to the current $6KInconclusive: There were a lot of unsatisfying answers from the Coinrail hack to the prices being manipulated by Bitfinex’s Tether but the most legitimate point would be the current trading volumes which are currently 5-6 times lower than what was witnessed during the peak trading period in Dec-Jan’ 18. Prices reflecting from low trade volumes are generally considered futile.
     
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