Many analysts and industry experts are predicting that bitcoin will likely fall back into the low $10,000 range following its recent drop of nearly $200.
Bitcoin Keeps Heading South
As it stands, the currency has failed over and over this week to reach the $11,000 mark. The currency has been struggling to reach this peak over the past 14 days and wants to repeatedly waver between $10,500 and $10,800. Today’s drop to around $10,536 is nearly $200 less than where it stood just 24 hours ago, and the asset is now facing predictions of gloom from even its most loyal followers.
While bitcoin continues to remain on relatively steady ground – it was recently reported that the asset has managed to remain above the $10,000 mark for more than 60 days, breaking a previous record set in 2017 – the asset is not where it was just two months ago, and it doesn’t look like bitcoin will reach this position anytime soon. The currency is, to a certain extent, exhibiting a repeat of its end-of-2019 behavior, in which the asset initially rose into the $9,000 range only to quickly drop by around $2,000.
Last year saw bitcoin ending its final months trading for just over $7,000. Now, bitcoin is virtually engaged in the same sort of pattern. The currency found itself trading for as high as $12,400 recently, but another $2,000 drop was hiding in the wings, ready to bring the currency back down to $10K.
The question is whether bitcoin will remain where it is or exhibit a newfound burst of strength that will push it back into its August range. On the one hand, we have about three months left to go before 2021 comes ringing in. There is still plenty of time to make some magic happen. As we have seen in the past, bitcoin can be rather unpredictable, and it’s not always easy to know when it will spike or move up.
Will Bitcoin Exhibit the Same Behavior It Did at the End of 2019?
At the same time, this can also be dangerous in that bitcoin could quite easily find itself suffering further. We are now in the final quarter of the year, which means bitcoin could potentially fail to exhibit any further stamina and remain exactly where it is for the next three months. In 2019, bitcoin did show some promise in November, so perhaps we’ll get lucky. Maybe bitcoin will continue to exhibit the same price patterns and do the same.
However, we can’t forget that last November’s high figures didn’t last, and December saw the currency dropping to its $7,000 total. The final two months always seem to be heavy for BTC. In 2018, there were massive drops, while in 2017, there were huge gains. Perhaps we should just wait and see where fate takes BTC in the next 30 days or so.