Quote from: tomahawk9 on February 10, 2020, 06:01:59 PM

Quote from: olumyd on February 10, 2020, 11:07:05 AM

Approx. yes, it may reach $20,000 if only we can maintain the trend. But if we dump more, just as we saw today from 10k+ to 9.8K... it might be hard to really reach 20k.

A $400 drop in the price in a single day isn't exactly a good indication of what's to come in the upcoming weeks or months. In fact, such a small pullback could mean that we're bulding a strong floor before testing 10k and above very soon, so if there's a bigger dump, then there'll be some support around the current prices (9850 at the time of writing).

Also, these sort of price changes are still within the range of what many consider normal fluctuations in the cryptosphere. All in all, it's still very likely that we'll see 20k this year.

Why we consider these as normal fluctuations is because we all know how volatile the cryptocurrency markets are. I would personally not even care even if the price moves by almost $1000 in just few minutes because it is already what I expect from the cryptocurrency markets. Also, it never means that the price would start dropping just because we saw a $400 dump.

In fact, what I can observe is that the price has a initial dump before it could pump to a greater price and this is what might be happening currently. The price has started us some growth and such kind of dumps usually might occur due to the panic sellers who never have patience and sell their coins as soon as they see some good price. At the same time, some experienced traders are waiting for such dumps where they could enter the markets and than see the markets growing back again.