Bitcoin (BTC/USD) Market Trend in 2017 (Till July)
The reality is you just need to see the movement of Bitcoin price to understand the crypto currency market. Even though we can detect the degree of attachment is loosening. Bitcoin was the grand daddy who kicked off the whole digital currency and blockchain craze.
The BTC market corrections in 2017
Signup For Our Newsletter Here,
The latest market crash and volatility were nothing new. BTC had its own fair share of market downturn and prolonged bearish pattern for long period of time. From the chart, we can see every big downturn, BTC price contracted more than 30% before swing back to record new height each time.
There was at least four major market slumps with at least 30% drop this year alone. Based on the chart, the BTC price recovered in faster rate after every big decline.
In January, Bitcoin price dived 36% from the record high 1166. The sell-off period has lasted for 8 days. And it took another 41 days to recover to that price level. Thereafter, the price surge 77%.
In March, the price hit a new high at 1295. This time, the bearish trend lasted 22 days before found a new floor price at 888, a 34% drop. The price took 26 days to return to the previous peak level.
In May, the price experienced another meteoric rise of 202% and reached a new record price of $2690. The price then falls 33% in 4 days. And it took a shorter time frame to recover. It only required another 9 days to smash to new record price.
The latest market dump reached the base price of 1826 on July 16. This time the cascading trading lasted for 34 days and swing back near to all time high price in 4 days.
Conclusion But Don’t Get “Too” Carry Away
But do remember, the current pattern is not convincing just yet as it failed to breach the ceiling price. The pullback could a signal a start of ranging or new bear pattern. Nonetheless, the long term upward channel is still intact for Bitcoin.
Buy At Dip
At the moment, the price is tended to heading south before any price swing could happen in 2200 or 2000 based on technical approach. The market for the last week of July and the month of August would be interesting. The issue of Bitcoin hardfork and split could drag on and no one knows how and when the entire drama would last and end. Therefore, expect increased volatility for the coming weeks.
Signup For Our Newsletter Here,
The current market correction is well anticipated. Profit taking and sell-offs were norms in any open market trading. Bitcoin or cryptocurrency are decentralized and unregulated. Thus, everyone should expect wilder market movements.
The Bitcoin long term prospect is as bright as ever. Now, the adoption is much higher and public perception on Bitcoin is much positive. Some big time media are covering Bitcoin news in scale that never seen before and the BTC price movement is closely followed. The market is really huge now, many investors and companies pull in billions in the altcoins and blockchain technology. So, we should expect better future ahead.
Get Your Bitcoin with following websites,
✘ Local Bitcoins Direct Buy from online marketplace where users can trade Bitcoin for fiat cash directly with each other.
✘ Changelly Plus Other Cryptocurrencies.
✘ Buy Bitcoin with paypal with Virwox