“You’re getting a bounce today, but I expect the next level of support down close to $6,100. It’s pretty early to make the case that you need to go long. It’s got to stabilize first.”Mike McGlone, an Intelligence Analyst at Bloomberg seconds this sentiment, suggesting that the bottom for Bitcoin could even reach as far at $4,000.00:
“Bitcoin is in dump mode, following the pump run-up on the potential for a U.S. ETF. It may not subside until revisiting good support near $4,000 -- last year’s mean.”See the full article for yourself, here. What would $4K mean for Bitcoin? Many would argue that this poses a perfect buy in opportunity. I suppose when we look at Bitcoin at $6,500.00 as it just brushes today, $4,000.00 isn’t really that far off and in all honesty, $4,000.00 wouldn’t be a terrifyingly low figure for Bitcoin. Moreover, this would no doubt inspire some new buy-ins that would in turn pump up the price of Bitcoin. I suppose what I am trying to say here is that if these analyses are correct, they shouldn’t be something to worry about. Correction and falls are just an organic part of cryptocurrency investment. None of this is guaranteed, Bitcoin could reach $20,000.00 before it reaches $4,000.00. Likewise, Bitcoin could eventually bottom out at $1,000.00. It’s volatile, risky and uncertain, but that’s why most people are in this. Bitcoin is still an opportunity and even if this fall does continue, it’s not all over just yet.