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BTC Pullback: No Panic

30 September 2019, 16:49
Votes: 1

Bitcoin has already lost a double-digit percentage of its price. However, every time it happened, the result was the same – a sustained upstream movement. According to experts, this time is no exception.

BTC Pullback: No Panic

If to have a look at the previous market movements, it will be easier to make some forecasts for the current situation. For instance in 2013, BTC was more of a toy for those fond of mining via their gaming PCs. Now it is a market with a multibillion-dollar capital. Nevertheless, the risks due to Bitcoin’s volatility are still here.

Price correction is the only thing guaranteed with BTC. When it goes up rapidly, everything happens quickly. However, when it corrects, the price falls even faster. Many experts had predicted a significant correction (forty-two per cent from its high in the current year). Therefore, according to analysts, the price would go down to eight thousand dollars.

A bright example of ‘no need for panic’ situation is 2013 when BTC bull market pulled back seventy-five per cent over the period of less than three months, whereupon it made an incredible upswing – 1600 per cent. In 2018 the cryptocurrency corrected eighty-four per cent and the price dropped below 3,2 thousand dollars by the end of last year.

This year BTC is more than 100% up, therefore, the forecasted drop will anyway be 70% higher than Bitcoin’s price in January 2019. Both investors and traders know very well that corrections drive buying opportunities.

Certainly, since the beginning of 2018, there has been the most significant weekly price drop. However, similar situations have already taken place before and will definitely happen again.

As mentioned earlier, one of the biggest corporations in the world, Apple, has expressed its interest in cryptocurrencies.

Read more: Bitcoin Price Prospects for 2019

Read more: Cryptocurrency Rating in 2019

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