The infamous “man not hot” meme would certainly apply to the Bitcoin price trend right now. More specifically, this currency is going through a pretty rough patch right now, although it remains to be seen how things will play out. More specifically, the Bitcoin price is genuinely struggling to retain its value, as the market is still pretty sour right now. It is not unlikely this is only the beginning of a major price correction.
What Comes Next for the Bitcoin Price?
Sadly, there is no real answer to this question. When the Bitcoin price hit US$11,500 less than 24 hours ago, people were elated. As one would expect, FOMO started setting in and many called for a US$15,000 price before Christmas. Those with a clear mind could certainly see things would not go so smoothly, and it didn’t take long for reality to set in.
More specifically, the Bitcoin price took a sharp nosedive all the way to US$9,600 and has been struggling to remain at that value ever since. Despite a strong push toward US$10,500, that momentum could not be sustained. It has been a few hours since hitting that price point, and the Bitcoin price is now struggling to reclaim US$10,000. It’s a very normal turn of events, but it is still pretty difficult to watch this all unfold.
It is evident there is a lot more interest in selling Bitcoin than in buying the world’s leading cryptocurrency right now. A lot of people have bought Bitcoin at the top, unfortunately, and they are now faced with a difficult decision. Either they sell to keep their losses to a minimum, or they simply hold out in the hopes of seeing the Bitcoin price go up again in the future. While the latter option seems the best choice right now, there is no reason to think we will see a Bitcoin price of over US$11,000 again this year.
With over US$10.3 billion in 24-hour trading volume, there is no lack of interest in the world’s leading cryptocurrency whatsoever. Those who see the bigger picture will certainly acknowledge this is an excellent opportunity to stock up on Bitcoin. However, everyone wants to buy BTC as cheaply as possible. Catching this falling knife will not be easy by any means, as it doesn’t appear as if the bottom is in for this particular dip just yet.
With so much trading volume across the various exchanges, it is almost surprising to see Bitfinex still occupying the top spot. For some reason, this particular platform has generated twice the 24-hour volume of Bithumb. That is rather remarkable, considering there are some serious allegations haunting this exchange. How that will impact the Bitcoin price in the coming days and weeks remains to be determined. For now, there will be a fair amount of volatility to contend with, unfortunately.
Rest assured there will be a very strong focus on the Bitcoin price moving forward. Whether that means we will see another run at US$11,000 this year is anybody’s guess right now. We can only hope to see the markets stabilize before the weekend comes around. Right now, that doesn’t appear to be in the cards, though.