How does the Bitcoin price correction work
Bitcoin rally: correction overdue? Not so fast!
From $ 14,000 to over $ 34,000 in just a few weeks - after its crash in 2018, the Bitcoin has reported back impressively and recently nailed new record highs in the student cycle on the display boards. In view of the furious price rally, the critics never tire of warning of an imminent correction.
In the latest price surge last Sunday, the cryptocurrency marched to over $ 34,000. Short sellers who had speculated (hoped) on a ricochet at $ 30,000 after the price fireworks of the previous weeks were caught off guard, had to close out positions and thus drove the price up further.
Since reaching its all-time high, Bitcoin has been subject to extreme fluctuations, and a price slump is often described as overdue and also forecast.
However, trying to predict the further course of the Bitcoin is about as useful as licking your tongue on a lamppost in winter.
On the other hand, it is worth taking a look at the general sentiment of those who are invested in Bitcoin. And that's good. In a survey by Genesis Mining of 1,000 Bitcoin investors, they were bullish to very bullish.
The results of the survey are from mid-December, when Bitcoin was trading at $ 18,540. It is currently changing hands for $ 31,470.
Has your mind changed in the last few weeks, are you more bearish? It is more likely that the respondents see their positive assessment confirmed. In the survey, 17 percent said they would see Bitcoin at $ 50,000 and above in 2030. Around a quarter of the participants also invest 1/10 of their savings in Bitcoin.
The main finding of the study: More than 50 percent of respondents said they thought Bitcoin was a better investment than US dollars, gold, stocks or real estate.
Whenever an asset rises steeply in price, critics gather to benefit from a correction. Bitcoin is no different than stocks. How far such a setback will go and whether it will come at all can hardly be estimated. A sideways consolidation is also conceivable. Investors should remain calm despite the high fluctuations and all the "background noise". In the long term, the Bitcoin price should continue to rise.
Notice of conflict of interest:
The chairman of the board and majority owner of the publisher Börsenmedien AG, Mr. Bernd Förtsch, has taken direct and indirect positions on the following financial instruments mentioned in the publication or related derivatives that benefit from the price development that may result from the publication: Bitcoin.
The author has taken direct and indirect positions on the following financial instruments mentioned in the publication or related derivatives that benefit from any price development resulting from the publication: Bitcoin.
Book tip: The crypto decade
Authors: Küfner, Robert A.
Number of pages: 208
Release date: 20.09.2018
Format: Soft cover
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