As we know, the cryptocurrency markets have taken a hit this weekend. This is most disappointing given that over the past few weeks, overall, we have seen some great progression within the major currencies. Bitcoin is no exception to this, almost tipping $10,000.00 on a number of occasions not so long ago, it’s pretty hard to comprehend that as it stands, Bitcoin is moving closer to $7,000.00 than it is to $10,000.00.
As it goes, it does seem that Bitcoin has taken quite a big hit from this weekend’s fall. As many currencies started to tail off going into the weekend, Bitcoin has experienced some great volatility, a quick check back over the weekends progression confirms this. Bitcoins trajectory has been somewhat similar to a rollercoaster. I know some people find rollercoasters exciting, I for one however do not.
Let’s see how Bitcoin has been affected over the weekend.
So, from the start of the market decline on Friday, we saw Bitcoin drop from $9,017.22, down to $8,440.65 in the same day. The decline of Bitcoin continued through Saturday, bringing Bitcoin down to $8,223.50, before some correction took place, bringing Bitcoin up to $8,652.84.
Through Sunday, we saw Bitcoin move on a bumpy trajectory, from $8,482.22 up to $8,756.46 before stooping back down to $8428.03, down 0.87% as recorded at the time of writing.
As you can see, Bitcoins movements have been rapid and uncertain. We have seen some very big leaps that have in turn encouraged the value of Bitcoin to fluctuate, unfortunately it does seem that this fluctuation is pushing Bitcoin in the wrong direction, away from its $10,000.00 target.
You might now ask, is $10,000.00 a realistic target for Bitcoin anymore?
In the long run, of course it is. Overall, $20,000.00 is still a realistic target for Bitcoin so therefore, in the grand scheme of things, $10,000.00 should be a drop in the ocean and indeed it is. We do expect to see Bitcoin progress back up to $10,000.00 soon enough, we just need to let the wake of this market drop subside. Once the tide goes back out, Bitcoin will make a recovery.
Of course, we can’t say just yet, when that will be. Some currencies do look to be heading up towards a recovery, if this is indeed the case, once Bitcoin picks up momentum then the rest of the markets will follow. With this in mind though, we could still see Bitcoin tipping relatively low values through the rest of this week.
For now, we should keep our eyes on the markets and follow closely with what’s happening. Hopefully this time next week, we’ll be reporting a very different story indeed.