Bitcoin day traders have been living the dream over the past week as Bitcoin priced ranged from 13K to 14K, but to many day trader’s dismay the price dropped below the average buy price, and hit a brand new low for 2018.
The current state of affairs has left many traders wondering if BTC will make a bearish move upwards, fulfilling some of the prophecies that some analysts predicted, that Bitcoin could hit 100,000 dollars in 2018?
While the price is a long-way away, the low price move could be an intentional push to induce panic-selling, something traders are all too familiar with.
The crackdown could also be part of a larger push to free up more BTC, as much of it has been retained in trader’s wallets, thus reducing the supply, and the control by larger organizations who want more BTC.
There is also the downside of BTC, where it could potentially be falling by the wayside since all the Bitcoin forks have created large amounts of exits for holders who can easily convert their BTC to one of the several Bitcoin forks such as Bitcoin Gold, Bitcoin Cash, or the recent conversions such as Bitcoin Ultra, Bitcoin God, Bitcoin United, and the many others.
There is also an increased push from the asian regulators, specifically in Korea and China, and also some new risings from India, to decrease investment in Bitcoin, but possibly allow micro-transactions, which has also had an effect on some of the pricing on the Bitcoin front.
However, there are many coming events and items that may push Bitcoin back to new heights, or continue to push it downward, as we are just starting 2018, and there is sure to be more action in the Bitcoin and Altcoins arena than one could possibly imagine.
NOW THE BIG QUESTION IS — WHAT COIN WILL BE THE RISING STAR OF 2018?