Bitcoin: Dip than Rip?
Bitcoin may not be done with its bull run just yet.
The price of bitcoin had been increasing nicely over the past few weeks.
After making a low in late June down around $5,800, prices had rallied as high as $8,400. A gain of almost 50% off those lows.
Now we are seeing prices pull back rather significantly.
After hanging around $8,400 for a few days, the rug seems to have been pulled out and prices have fallen all the way back to $7,500 even quicker than they went up.
(Source: https://coingape.com/bitcoin-hash-rate-on-all-time-high/)
What gives?
Like many rips and dips in the crypto markets, it's not entirely clear what has caused the drop.
Some of it could have to do with Bithumb losing its banking partner, some could have to do with the Winklevoss ETF getting rejected, and some could even have to do with the phases of the moon.
(just kidding about that last one)
Either way, the cause isn't really known at this point, but the result is still the same. Lower prices than we had just a few days ago.
One crypto analyst says this downturn is not unexpected at all.
(Source: https://twitter.com/woonomic)
Willy Woo is a veteran crypto analyst that correctly predicted back in May that bitcoin prices likely still needed to head lower (when prices were over $7k). He said that prices likely would get down around $5, 500-$5,700 before they bottomed.
Though he followed that up with saying that prices likely would not break the $5k level, even though some analysts were calling for bitcoin to reach $4k, $3k, and even $2k.
He was pretty close as prices eventually got down to around $5,800 before starting this recent rally.
Yes I know he has a funny name, but he has been pretty good at predicting prices and trends in the past.
What is Willy Woo saying now?
Mr. Woo (can I call him that?!) recently said that while most people seem to be bullish about bitcoin, he actually thinks we are going to see a dip first...
Saying:
"Interesting to see most think BTC will moon. I think BTC will flash dump, then moon afterwards, just like with Gold in WFC 2008. Flight to safety: everything else sells off to USD, then used to unwind leveraged positions, then afterwards havens like Gold and BTC have a bull run."
He followed that up with this:
"Probably also contingent on how many institutional players are in the BTC market over that period. Normal retail HODLers won’t tend to have large leveraged positions to unwind from, apart from maybe mortgages."
(Source: https://ethereumworldnews.com/bitcoin-will-flash-dump-then-moon-says-veteran-btc-analyst-willy-woo/)
There you have it.
One of the more accurate and well respected crypto analysts/traders out there says to expect a dip right now.
Though, he very clearly says that this dip likely should be bought as prices are likely to moon afterwards.
Stay informed my friends.
Image Source:
https://www.forbes.com/sites/cbovaird/2018/07/31/could-bitcoin-benefit-from-a-trade-war/
Follow me: @jrcornel
All i know is that when we look back on this chart, we will need a magnifying glass to find the dips.
"Its really hard to hear all the 'bitcoin is dead' shouts over the sound of this Lambo engine."
Who said that?
I don't know. I may have just made it up.
There is probably some truth to this, lot of early adopters became rich last year.
Just Woo me Willy! 😂💰😂
Good thoughts corndog.
I tend to agree! Whatever goes up, it usually goes much higher than anyone expects it to go. The same, if anything goes down, it goes even lower than anyone may think and stays that way for a long time. When bitcoin was at $20k, I made a comment “once bitcoin gets back to 10k, I would start buying”. The respons to my comment was with laugh and that we would never ever see 10k in bitcoin again. I believe they are not laughing anymore.
Recent pullback was actualy expected. From the technical point of view we recently broke reversed head & shoulder formation. We overhit the target by a bit and now price is coming back to the breaking point, the support at around 7.2k. Once we get there, we should continue to go higher. That’s my thinking, my more bullish thinking that was just short time ago much more bearish.
I could see that as well. A breakout, a pullback, then a trend in the direction of the breakout.
These kind of scenarios we have Seen most of the Time In bitcoin.
According to my view.
As There were many Conversations Going on Regarding ETF that brings the Bitcoin Up.
However The ETF got cancelled and its tryoming to Come back to its Origin..!!
The ETF that was rejected was not the one people are anticipating may get approved.
I also cannot expect that btc price down.
waw good
Thanks.
Thanks for the information, I appreciate it.
It is very much like the picture. Many beautifully posted posts.
Thanks.
Hey there darling! It's been awhile, though that is partly because I haven't been able to log in to steemit.chat for quite some time. Aside from keeping us in the loop on all things bitcoin, how are you?
I hope you don't mind me doing this, but it's a big deal for me, so if you get a moment to check this out, I would greatly appreciate it! https://steemit.com/steemit/@dreemit/the-first-book-of-my-series-the-allies-of-old-reborn-is-on-amazon-momentous-day-i-love-you-steemit-steemit-collages-inside
Some people can call him Mr. Woo-Hoo :-)
Yea, he has an interesting name.