Bitcoin has had a bad morning. The price of Bitcoin dropped from a high of $11,395 down to $9250, more than a 20% loss in the last 6 hours. Buyers have brought that back up to around $9869, but will it drop again?
The dropoff began with a single red candle shaving more than $1000 off the price. That was followed by a dead cat bounce that brought the price back up to $11K. The next few hours after that saw the large correction that dropped it to its low of $9250.
Right now, the price is on its way back up. But momentum has slowed, and its second rise has not yet cleared the psychological $10,000 barrier. Is this a second dead cat bounce? Will we see lower prices later today, or later this week? Or was that all the correction it needed?
I'm certain that bitcoin's overall long-term trajectory is still upward. A year from now, I think the price will be higher than it is today. But how far will it drop in the meantime? Anybody's guess, but I think we will see a much bigger dip before we see any new all-time highs.
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