So long 6k! Hellooo 8k?

By TrevorBalthrop | Trevor Balthrop | 16 Feb 2020


Well, it looks like Cryptocurrency did really well to start out the year! Definitely bull run status!

 

Except that with all of this hype behind the market all of a sudden. One thing is for certain...

 

Too much excitement could lead to a pretty rapid downward spiral!

 

Sounds crazy I know...

 

We all wish the price would just never stop going up but one thing is certain. 

 

The markets must go on a wild ride up and down in order for anyone to continue making money.

 

351665157-31bf8f7c4f281375cb71a018eb6e327c86388b15658b47fd570a29e8e6e289cb.jpeg

 

If the price does not go down often it makes it difficult for newcomers to want to "take the gamble" and invest. 

 

So what the sh** is Trevor thinking, he must be a nuts-o!

 

That may be true, but...

 

As many people already know, market fluctuation needs to happen and it is important for it to happen. 

 

With the price reaching almost $10.5k USD earlier this month, many people were hopeful that things were not over.

 

Maybe almost too hopeful?

 

There is no doubt that the price, at any minute, could move either direction. 

 

If it moves up how far will it move up?

or

If it moves down how far will it move down?

 

351665157-23b390a06eff8796a4e28af63ceacd4b85e4f60e9ed1b0c101a256552ed9e761.jpeg

 

No one can predict this exactly of course but with the current echo effect happening to prices. It might be safe to accept the fact that the price might start slowly trending downwards over the next few weeks here at the end of February. 

 

If by some miracle it breaks out this week that could prove me wrong! After all, I am not in any way a financial professional of any sort 🤑.

 

A move up would make a lot of people happy yes but how far could it really move up after already moving this far?

 

That answer is probably only about $10k-$13k USD which is a lot, so don't get me wrong!

 

Except that with new big investors and adoption running rampant already this year. A lot of people could be forgetting how this whole thing works.

 

With an already interesting history in the crypto market over the past 12 months, sharks are in the waters now more heavy than ever. 

 

Which means they are pulling big amounts of money in and out. Likely just holding onto it in offline wallets where it is difficult to judge the current Volume of the Market. 

 

Get to the point Trevor! Am I right? 😅

 

What are we in for here in the short-term and if it doesn't move up, how long and how far will it move down?

 

The good news here is, the likelihood of Bitcoin's price dropping to anything below $6k is in a majority of the population's favor now it seems like.

 

A drop to 6k now like we experienced last year, would be a pretty scary and heartbreaking time for a lot of people. 

 

Also, a drop to 6k anytime "soon" is even more unlikely. That's about a 35% to 40% decrease in price from where it currently stands!

 

351665157-db832b4fbbd2a2d26206838fecf78eb3ca3f3001bf5a88b03740b205e332ed47.jpeg

https://i.redd.it/1xo2bpu39lg11.jpg

 

With so much buzz and new money in the crypto game, a bearish decrease for the next two or three weeks would likely only touch down onto numbers around $8k USD. 

 

Speculation of course! These are weird times for Bitcoin but definitely the most exciting so far as well.

 

Word on the streets is with everything going on the price may not break below $9k USD if resistance in the mark holds up. 

 

This is mostly due to the fact that more of the population caught on and started buying while above this threshold. 

 

That should show us how much confidence there is in Bitcoin right now! In addition to how steady the price has managed to climb over the course of an entire week. It was impressive to see Bitcoin rise and stay instead of only peaking for a second and withering away for months. 

 

Now I know I have just made some bold predictions so I am going to go out on a limb more and say this.

 

If you bought at 10k, 9k, or even 8k there is no need to worry!

 

Your time to shine heavily will come again very soon. Or if I'm wrong! It may be here very quickly!

 

We might be going bearish for a little while but the bulls are definitely not done with 2020 yet. 

 

Good luck out there everyone and thank you so much for reading!

How do you rate this article?

2


TrevorBalthrop
TrevorBalthrop

Official Website: https://www.trevorbalthrop.com | Bitcoin ₿ | Ethereum | Crypto.com | VVS Finance Ambassador | Crypto & GameFi Live Streaming | TOKEN GIVEAWAYS!


Trevor Balthrop
Trevor Balthrop

All about Bitcoin, Ethereum, VVS Finance, GameFi, the future of Blockchain, FinTech, understanding Market Connections, and helpful tips for all hodlers to enjoy!

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.