This week, bitcoin's price gets low. Based on the article that i read, it says thats they cant trace the reason why its getting low. They said it might be because some used to hack and mine bitcoins. They also said that maybe it was because there are new cryptos.
What do you think is the main reason? Do you think its price will still rise?
Up to now, no one really knows for certain what happened to the whole crypto market. Just a few days, we are all riding in all-time-high, now we are slumping. This is just very volatile market and unpredictable. However, I don't know what you mean by hack or mine bitcoins. Can you please share the link that you have read.
I will like you to see it in 3 ways.
1. See it as a correction that was bound to happen anyway, after the huge non stop buying for months now.
Its no longer a correction for me. The price has shoot down to more than 40%. This is a major crash.
2. See it as whales cashing out and some noobs getting scared and selling at losses. (they will get to learn from experience later on)
More like this is the scenario that I'm looking at. Whales cashing out, weak hands have been shaken, whales manipulates, newbies sells and panics without realizing that they are loosing profit from all of this deceptions. Whales get back in the market by making huge orders and holding once more.
3. See it as a Christmas gift, if you want to get in at a lesser price because later on, this year or next year, we are coming back at some point to test back the previous top. Some call it black Friday for crypto shopping.
Jokes apart though, there is really nothing to worry about. You are welcome to the volatile world of crypto. It is a bloodbath out there right now and they happen once in a while. It will pass and forget anything else you are hearing.
This is another perfect time to buy bitcoin because its cheap. By in small orders and see how it goes. Yes, market is violent and volatile if you have weak hearts, this is not for you. Hard lessons if you listen to those FUD waves that is going around. Used your common sense. Never sell in a crash. Just hold and let it settles in the next couple of days.