[2017-07-21] predicting bitcoin markets is near impossible
Predicting bitcoin markets is near impossible
There has been a lot of fear, doubt, and panic sweeping through the cryptocurrency world the last few days. Many people made doom and gloom bitcoin price predictions, especially this last Sunday when the price went into a bomb-propelled plunge. People and media sources said this could herald the end of bitcoin or suggest thebubble had popped. However, just a few days later, the price started to skyrocket again, vexing naysayers and overturning shortsighted predictions. Looks like they ate their words.
For perspective, lets analyze recent price movement in greater detail. Prior to last weekend, the price was hovering healthily in the upper $2,000 range and flirting with a $3,000 peak. As the weekend rolled around, the price began to plummet. This occurred in lockstep with fearful signals that the bitcoin community would not be able to reach consensus on the scaling debate. So during the wee hours of Sunday, the price dropped roughly 10% to a devastating $1851.49, a record low in recent weeks.
During the price downturn, media sources exacerbated fear by writing clickbait headlines to scare people into a panicked frenzy. CBS news wrote on July 14, Did a Bitcoin Bubble just Burst? On July 17 Fortune wrote Wipeout: Bitcoin and Other Digital Currencies in Price Collapse.
https://news.bitcoin.com/predicting-bitcoin-markets-is-near-impossible/
There has been a lot of fear, doubt, and panic sweeping through the cryptocurrency world the last few days. Many people made doom and gloom bitcoin price predictions, especially this last Sunday when the price went into a bomb-propelled plunge. People and media sources said this could herald the end of bitcoin or suggest thebubble had popped. However, just a few days later, the price started to skyrocket again, vexing naysayers and overturning shortsighted predictions. Looks like they ate their words.
Bloody Sunday Price Analysis
For perspective, lets analyze recent price movement in greater detail. Prior to last weekend, the price was hovering healthily in the upper $2,000 range and flirting with a $3,000 peak. As the weekend rolled around, the price began to plummet. This occurred in lockstep with fearful signals that the bitcoin community would not be able to reach consensus on the scaling debate. So during the wee hours of Sunday, the price dropped roughly 10% to a devastating $1851.49, a record low in recent weeks.
Catastrophic Media Headlines and Price Predictions
During the price downturn, media sources exacerbated fear by writing clickbait headlines to scare people into a panicked frenzy. CBS news wrote on July 14, Did a Bitcoin Bubble just Burst? On July 17 Fortune wrote Wipeout: Bitcoin and Other Digital Currencies in Price Collapse.
https://news.bitcoin.com/predicting-bitcoin-markets-is-near-impossible/