The price of Bitcoin dropped below $10K again today for a short time. Many have predicted a severe decline in Bitcoin price to ensue if Bitcoin drops below the $10K mark, to as low as $6K. Thankfully that does not seem to be what has happened today. There wasn't a huge rebound in price, but there does seem to be massive support for Bitcoin at $10K.
The markets have certainly changed compared to what seemed to be endless uptrends across the board in all crypto in the few weeks preceding the new year. We did manage to see a $18K Bitcoin for a moment at the beginning of the new year, but in the previous couple weeks, Bitcoin has been trading rather flat between $12K-$10K.
There has been more news related to cryptocurrency being reported from major news outlets in the last couple months than we have ever seen. An overwhelming majority of this news has not been good news. From ICO’s that have proven to be scams and cost investors millions of dollars, to crypto lending platforms receiving cease and desist letters from state lawmakers. Most recently, $500 Million in NEM stolen from the largest exchange in Japan.
I think that recent events have demonstrated a great deal of strength in Bitcoin. History has proven that following an exchange asset compromise, nowhere near the size of the Coincheck hack, has resulted in a decrease in the Bitcoin price for as much as 50%. Bitcoin managing to create support at $10K with everything going on is excellent news in my opinion. Bitcoin has become much stronger and more resistant to high volatility based on rumor.
I'm not sure if this price point is the bottom for Bitcoin, but it very well could be. I will be buying more Bitcoin at this price, and I predict a solid 2018 for Bitcoin. I strongly believe that Bitcoin is the backbone and support structure for cryptocurrency and is here to stay. And as always, this is not investment advice and I am not a financial advisor. Please do your own research and make your own investment decisions.
@OriginalWorks
