This massive fall by Bitcoin may have been a shock to some investors. After all, if you only started investing in or watching Bitcoin’s price closely in the last few months, the coin has only gone up.
This recent crash in price is a reminder to investors of just how volatile and risky Bitcoin can be. With any asset that can grow in price considerably and quite rapidly, it can lose those gains just as quickly, if not quicker.
Digital currency markets saw some deep losses this past Monday, as the trading sessions on January 10 and into Monday saw crypto assets lose anywhere between 25% to 40% in value. For instance, the price of bitcoin ( BTC ) slid from a value of $41,056 per unit to $30,261 per BTC shedding over 25% in fiat value.
Today, however, the crypto asset’s value has improved a great deal jumping over 6% during the last 24 hours. BTC has done considerably well over the long run as the crypto asset is still up 3.1% over the week, 82% for the month, 206% for the 90-day span, and 332% against the USD for the year. At the time of publication, BTC is trading hands for prices between $34,600 to a touch over $35,000 on Tuesday afternoon.
Despite bitcoin’s 20% crash on Monday, some options traders are betting on a continued price rally in coming weeks. Some traders, though, have been buying Jan. 29 expiry call options at the $52,000, $64,000 and $72,000 strike prices on the Deribit exchange.
From the chart analysis is this the time to buy the dip? Leave your answers in the comment section. Thank you for your support.
We never even touched the 20 week MA
I would assume we touch it soon when it is around 22-26k
If it doesn't touch the 20 week then it will go on a parabolic rise and crash by the next couple of months way before 100k
In 2017 it would ALWAYS come back down to the 20 week, the one time it didn't was when it went parabolic the last couple of months to 20k and then collapsed
If it does touch it, then the run can continue organically