In the cryptocurrency world, surprising market momentum is not as uncommon as some may believe. While no one really expected the Bitcoin price to retrace so violently all of a sudden, a correction was on the horizon in any case. Right now, the drop to below $5,500 may seem scary, albeit it will likely end up as a blip on the chart in a few days from now.
Bitcoin Price Retraces Sharply
When the world’s leading cryptocurrency decides to take a break from its bullish trend, the altcoins are quick to drop in value as well. Right now, the entire top 20 in the crypto rankings is in the red, except for Tether, which is a stablecoin. Bitcoin’s sudden downward spike has caught plenty of traders by surprise, albeit it is not necessarily something to be too concerned about it.
Over the past handful of hours, the Bitcoin price has lost 3.2% as it dropped well below $5.500 again. With a current value of just under $5,440, it would appear Bitcoin is still in a good place compared to just a week ago. This particular downtrend, while a bit steeper than expected, will serve a purpose in the long run. No market can go up in value indefinitely.
Even though there are far too many people praying for a market bounce at this time, Nando is not bothered by the price action. He is still all-in regardless of what the current market sentiment might indicate. It is also true BTC is far from intimidating once people take the time to learn what the excitement is all about.
#Bitcoin is only intimidating/scary if you don’t understand it.
The moment it clicked with me I went all in, feels like I had no other choice.
— Nando (@Nando2l8) April 24, 2019
Pocket Full of Hodlonaut isn’t too happy with a recent Forbes article trying to discover the “net Bitcoin” For all intents and purposes, there may not even be a next Bitcoin, nor is there a need for one. Putting Binance Coin on the same level as BTC will undoubtedly rub a lot of people the wrong way, thus the comparison serves no real purpose whatsoever.
@ForbesCrypto and quoting @WeissRatings part of the reason people are so stupid. You guys are idiots and your making the world stupid. Please cease and desist #Bitcoin is decentralized #Binance coin is a centralized distributed ledger token
It's not the next #Bitcoin
— Pocket_Full_Of_Hodlonaut[₿🔑 ∎] (@Crypto_Pocketz) April 24, 2019
For those who want some sort of opinion on where the price is headed next, The Wolf of All Streets is looking at the hourly chart first and foremost. There is a very real chance this is a minor and temporary dip, although the pressure might intensify for a little while. After a double top, anything can happen where financial markets are concerned.
If the next hourly candle is green, #bitcoin will confirm a bull div with RSI. I said IF, so don't @ me if price continues down. We trade on confirmations. Further, the double (or triple) top almost hits it's exact target, signaling a possible end to the move down. pic.twitter.com/PmcgUxCO3P
— The Wolf Of All Streets (@scottmelker) April 24, 2019
When looking at the bigger picture, Bitcoin will be fine under any set of circumstances. The same doesn’t necessarily apply to alternative markets, which primarily derive value from Bitcoin these days. There will be some very intriguing market momentum in the coming hours where Bitcoin is concerned, although it seems unlikely any further damage will be done in a convincing manner.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.