Today I took a look at some of the news regarding the recent Bitcoin price drop.
Some people believe that the drop was due to the MapleChange hack. However, it turns out the hack was not as serious as many thought. The original estimate was that 919 BTC were stolen off the exchange amounting to $6 Million. MapleChange has since come out and said that only about 8 BTC were stolen leaving to $40k worth of losses.
The question is, if MapleChange did not cause the drop, then what did? Many believe that it is possible we are about to enter another bearish trend. This is because the volume is up, but the price is down. This is an indication of a larger bearish move possibly incoming.
What do you think? Do you think that we will bounce right back up or are we going down further?
In either case, it's important to remember that at the end of the day 1 BTC still equals 1 BTC. And if analysts like Tim Draper are correct, then it is very possible that the value of 1 BTC may be way above what it is now. He believes the price will drive all the way to $250k by the year 2022. I have to say, that puts it all into perspective. Whether the price goes up or down in the short term, I think we all agree the price is going way up for the long haul.
