Bitcoin might be having a bit of a difficult time at the moment. This is amplified by a frankly poor market state, a state which seems to be dragging cryptocurrencies down into figures not seen for well over a month now. The decline which started last weekend, has continued through the week and now looks to be setting us up for a second weekend of market declines.
We should use this as an opportunity however, to look at what could happen in the wake of this.
On Tuesday the 6th of February, Bitcoin hit a low of $6,249.11, however, just two weeks later on the 20th of February, Bitcoin moved up to $11,860.40.
These movements within Bitcoin do seem to be quite common, whenever Bitcoin accelerates downwards it is often met with a huge upwards surge. Granted, historically these surges have corrected but what this does encourage, is Bitcoin to make some sort of recovery meaning the losses we see today, could essentially be halved in a couple of weeks.
Again, on the 12th of April, Bitcoin hit $6,878.56, before moving up to $9,735.01, two weeks later.
What can we deduce from this?
Now of course, this is speculation based, but as it goes this does seem to provide evidence that Bitcoin is resilient enough to bounce back, even from declines on the scale of we see at the moment. It’s not guaranteed that Bitcoin will hit $10,000.00 soon, however the stats do seem to point towards Bitcoin at least taking a big jump up soon enough.
Overall, we know that eventually, Bitcoin will surpass $10,000.00, experts do even see Bitcoin hitting $20,000.00 soon enough. Perhaps the current climate is suggesting that soon enough, we will see the price of Bitcoin jump back up and reach healthy new heights.