Are We About To See Another Major Bitcoin Correction? Or...
Hey everyone! As I look at the Bitcoin price (currently sitting around $4118 USD), I wonder if we are about to see a major selloff and correction... OR, is the demand too great at the moment to see much of a fall?
While there is definitely a bit of selling off, in the past correction we saw a massive drop in the value from about $3000 USD to as low as $1800 USD. People weren't really buying at a high rate. We saw newbies freaking out and selling off out of fear.
With the drop of about 5% of value in the past 24 hours alone, we are seeing a pretty steady fluctuation between $4100 USD and $4350 over the past week. There are so many people JUST getting into Bitcoin that it feels unlikely that we'll see a massive drop. Just a small breather.
As people are selling off, people are buying up. It's not exactly what I had expected. I thought it would get closer to $5000 USD before possibly dropping as low as $2800. I like corrections because it gives us more of an opportunity for profit long term. Either way, I'm certainly not complaining. We will see many future rallies and many future corrections and that's all part of the fun of Bitcoin and the nature of a decentralized market with continued scarcity and demand.
What do YOU think is about to happen in the Bitcoin market? Are we going to see a climb to $7500 this year? $10,000 as some predict? What kind of correction will we see and what do you think is currently happening at this moment? COMMENT BELOW!
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As we can notice from the past btc major corrections was about 40% of ath. But what will be ath this time? I think it can really go further as market cap of all cryptos and volumen of exchanges still increases
I guess it'll stop a little bit before 5k then correction to 3,5k and then another growth till 7-8 by the end of 2017
I suspect a correction soon. If it goes down to $2800, better buy up! Thinking a drop down to $3,500 is more likely.
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Good work as always, Josh.
I talk about this in my Bitcoin Forecast today...
https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-price-forecast-8-18-2017
We are both pretty much thinking the exact same thing :P
i think the correction is already in progress
It seems to me that there will be a correction to about 3 thousand dollars.
Part of the current selloff might have to do with the fact that Bitcoin Cash will have a (non-)emergency difficulty adjustment tomorrow. This will make Bitcoin Cash easier and thus more profitable to mine within relatively few blocks. There's a possibility that some of the smaller BTC-miners will start to take their business to BCH in the coming weeks.
Judging from the current sharp price increase in BCH and (slight) selloff in BTC, it would seem that people are already anticipating some thing or another.
i think we will assist to a hard correction after that bitcoin will skyrocket again :)
people invest on BCC , it will reach $1000
I think there needs to be a correction, it doubled in price in a month or month and a half. And it's not like penny stock or penny crypto doubling, it's like if gold or down jones doubled. I think some bitcoin buyers will juice some profits down to $3,000 roughly.