For almost a week now, we have been seeing the Bitcoin market moving downwards, and it is still in a downward trend. I thought maybe Bitcoin would touch $130k this month, but given the current market conditions it is not possible this month. Although in August when Bitcoin price was able to create a new ATH, the market touched $124k+ which is the highest in history.
I can see that the market went to this position a week ago, but since the new ATH was created, the Bitcoin market has been continuously decreasing. There has been volatility in the market, and it is still there, the way the market is going down it seems that there is a possibility of more dumping.
Do you think the market will be dumping for a long time, or the market has fallen for military time?
For every time the market hit a new all time high, it always experience a dump in price. The only difference I see for this one with the past ones after hitting a new all time high is the rapid fall in the market which was not what we were expecting actually to happen so quickly. August they say is not the best months of bitcoin historically, it always experience a dump. Old investors would have got use to this by now and won’t panic by this fall.
At the beginning of the month, when this past historical analysis on bitcoin trend of the month of August was presented, many thought it won’t be like that this month because we experienced another all time high in this same month of August. To everyone’s surprise, the dump came when we least expected it and took us by shock. It is in the consolidation phase I believe and it will come back to continue the bullish trend hopefully as early as next month.