WallStForMainSt: The Bitcoin Roller Coaster Continues! Is This Rally in Bitcoin Only A Dead Cat Bounce?
The Bitcoin price roller coaster continues! Bitcoin is definitely not for the faint of heart as it has had daily price fluctuations of 10% or more now pretty routinely. On top of this daily price volatility up and down, just in a little over 2 months the Bitcoin price went from almost $20k per coin on December 16th and 17th, 2017 to as low as just above $6000 per coin in early February 2018 and in only 2 weeks since hitting the recent lows, Bitcoin has rallied strongly and basically doubled before having a smaller correction. Is this just a dead cat bounce and is Bitcoin in major trouble from other crypto competition? Or, was this smaller correction just profit taking from the smart money who were buying new Bitcoin positions or adding to existing Bitcoin positions when sentiment reversed from extremely bullish to extremely bearish and there was blood in the streets when Bitcoin fell below $6100 per coin in early February?
If you think Bitcoin is not done and still has a bright long term future, do you think Bitcoin will need to consolidate in a wide and volatile trading range from $8 to maybe $12k to $14 for at least 4-6 months more before it moves higher or do you think Bitcoin is done consolidating?
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