Bitcoin already rose by 15 percent today! That’s nice, after the value dropped by 30 percent to around 10,000 dollars. Bitcoin is now worth more than 11,400 dollars (10,100 euros). Is $ 10,000 the new bottom for bitcoin? We look at the experts.
Yes: bitcoin has dropped by more than 30 percent
As we discussed yesterday, bitcoin also experiences corrections in a bull market. These corrections are always quite severe, they can vary from thirty to forty percent.
Yesterday the bitcoin rate had fallen by more than thirty percent compared to the high point. Does this perhaps mean that we have already completed the long-awaited correction? It could just be.
Trader Josh Rager shows on Twitter that the period after a correction can be enormously profitable. On average, the bitcoin rate rises by 153 percent after a correction of around thirty percent. This was the case in the 2017 bull market, but also this year. Who knows, bitcoin is getting ready for another rise in that format:
No: CNBC says this is the bottom
But for the time being we should not cheer too early, because the American news channel CNBC thinks that 10,000 dollars is the bottom of bitcoin. CNBC has the dubious image of being almost always wrong.
An analyst at Tradingview has noticed this, and calls his playful find the CNBC indicator. His advice? Always do the opposite of what CNBC says.
Crypto-Twitter therefore always reacts cynically when CNBC places something about the price of bitcoin. Then CNBC last week bitcoin expected to reach new heights in July, this was no different. In the days following the report, the rate fell below $ 10,000.
Did Bitcoin just find a new floor around $ 10,000? @SeemaCNBC, @JimIuorio, and @ScottNations debate the next level for digital gold $ BTC pic.twitter.com/p5wkz151GK
– CNBC Futures Now (@CNBCFuturesNow) July 2, 2019
We are naturally also curious about your opinion! What do you think? Was $ 10,000 the bottom for bitcoin? Or can we still expect a correction?