“Experts” have long predicted Bitcoin to be a bubble ready to pop. Is that prediction finally coming true? Bitcoin has seen unprecedented growth over the last month. But this last week or so has seen huge drops in prices along with good rises. This increased volatility could be due to the introduction of Bitcoin Futures to the game. This could be prompting whales to manipulate price more greatly. See my other post about the Whales and the Bitcoin Futures to understand that better:
https://steemit.com/bitcoin/@ginquitti/bitcoin-futures-what-they-mean
Many analysts are pointing at Bitcoin today and saying it may drop 50%. This is not a bad thing in general, but it may cause people to panic sell. This correction can be beneficial to the overall health of Bitcoin, but can be detrimental to your wallet in the short term. The low that Bitcoin may see in the next couple days could be around $11,000 dollars!!!
Dan Morehead who is the CEO of Pantera Capital predicts that Bitcoin may drop 50% before jumping back up. His company is a hedge fund that deals with crypto currencies. Now this may be FUD, but it may also be true. Personally, I’d rather e on the safe side and not see my wallet cut in half.
This is a huge drop from the recent high of about $19,000. But as i have posted about before, the huge run up in Bitcoin we saw from $8,000 to about $17,000 could have been the largest pump and dump scheme we have seen in Bitcoin. This may be shown to be true in the coming days if the dump occurs on the level many predict. See my post about the coming dump:
https://steemit.com/bitcoin/@ginquitti/bitcoin-price-manipulated-prior-to-futures-trading
Personally, i am going to pull out of Bitcoin and put it in some other alt coins in a hope that those coins see a huge influx of volume while bitcoin price descends. If this dump does not occur, price could definitely shoot up and reach new highs but i am ok with missing this jump as long as I avoid the dump.
I am not trying to push out FUD or influence a flash sale of bitcoin (not enough people read my blog anyways LOL) but i am trying to inform you guys who do read this that a drop may be coming soon, but a pop up should follow closely. It is ultimately up tp you to decided your path and this is in no way professional advice for trading or investing. Good luck to you all. I also do not own any of these pictures and I own no rights to them and haven’t created any of them.
If you have any questions about this or what coins i am going into, feel free to ask in the comments below
