Just recently, Bitcoin has made a major milestone in cryptocurrency history. It is the undisputed king of cryptocurrency with its price having crossed five figures and it's amazing what crypto and Bitcoin have accomplished in 2017. The early year of 2017, Bitcoin was trading for just under $1,000 and now it skyrockets to $10,000+ and that's the highest record in Bitcoin history so far. We're starting to see projections for bitcoins long-term price things like $30,000 by the end of 2018 but despite of that I believe that at current prices, the risk to reward ratio is skewed to the downside in the short term - There will be a correction that may take place sometime next week or so. The bitcoin hitting at $10,000 is a major accomplishment and surely a year ago it would have seemed impossible.
Blockchain Technology that supports cryptocurrency has just penetrated the business world and so many developments were already made in favor of it, however, most of the experts were only discussing on a huge value that is going up and disregarding those critical times when its price falls. Investors and traders were made to believe that the only trail for bitcoin is going up without touching its volatility. Through this huge figures that the bitcoin possesses, it attracts new investors who will join the bandwagon of cryptocurrency trading hoping to make a quick $$$ and this will make Bitcoin even stronger. $10,000 is going to be covered on every major news cycle because it is a story that is easy to swallow, but hard to digest for someone who is just sitting on the fence or has previously dismissed Bitcoin. We should be ready for a correction that will likely to take place next week - possibly, it will be 30% drop as what happened before in the trail of its bull run sometime a month ago. If the big players of Wall Street with deep pockets are able to overcome the Bulls, then a fall is likely to happen.
We should anticipate this upcoming correction so that we could buy Bitcoin at lower prices in the next few weeks. I'm very excited to see what's coming next and in the meantime let's celebrate 10,000 for hitting a major milestone. It's something we can all be proud of as "Cryptonians".
