The price of Bitcoin is now trading at $7,700, which is a 6.6% drop from the $11,948 price we had just a few days ago. The price action has been quite bullish since last Wednesday. The only thing we can discern from the price movement is that it’s a lot of money and it’s very volatile.
Another reason I love the price action is that many investors seem to be selling Bitcoin, but most of them are buying it to try to get it to go up. That’s not likely to happen now that we’ve seen a fall of over 50% from the peak. So I would imagine that the current trend of falling prices will have a positive impact on its price in the end, but I wouldn’t give much value to that now.
If you look at the price chart, you can see that the price of Bitcoin is still falling and has not gotten much above $6,000. So if you are looking to invest in Bitcoin, it’s probably not the right time to buy now.
Yeah, I agree. We have seen a fall of over 50% from its peak and I think that price is going to keep falling. Right now I would buy more than just Bitcoin to hedge against price falls.