|May 14, 2018 03:37 PM||By: Jinia Shawdagor | 2613 Views|
As we know, the cryptocurrency markets have become a hit this weekend. This is most disappointing given that over the past few weeks, overall, we have seen some great progression within the major currencies. Bitcoin is no exception to this, about tipping $10,000.00 on some moments not so long ago, it’s pretty difficult to comprehend that as it stands, Bitcoin is running closer to $7,000.00 than it is to $10,000.00.
As it goes, it does show that Bitcoin has taken quite a big hit from this weekend’s fall. As many currencies began to tail off going into the weekend, Bitcoin has experienced some elevated volatility, a quick check back over the weekend's progression verifies this. Bitcoins trajectory has been slightly similar to a rollercoaster. I know some people find rollercoasters interesting, I for one, though, do not.
Let’s see how Bitcoin has been seized over the weekend.
So, from the start of the market decline on Friday, we discussed Bitcoin drop from $9,017.22, down to $8,440.65 on the same day. The decline of Bitcoin extended through Saturday, bringing Bitcoin down to $8,223.50, before some improvement took place, bringing Bitcoin up to $8,652.84.
Through Sunday, we discussed Bitcoin move on a bumpy trajectory, from $8,482.22 up to $8,756.46 before stooping back down to $8428.03, down 0.87% as recorded at the time of writing.
As you can see, Bitcoins movements have been ready and uncertain. We have seen some very big leaps that have in turn supported the value of Bitcoin to fluctuate. Sadly, it does seem that this fluctuation is pushing Bitcoin in the wrong direction, continuously from its $10,000.00 target.
You might now ask, is $10,000.00 a realistic target for Bitcoin anymore?
In the great run, of course, it is. Overall, $20,000.00 is, however, a realistic target for Bitcoin so, therefore, in the grand scheme of things, $10,000.00 should be a bit in the ocean, and certainly, it is. We do require to see Bitcoin progress back up to $10,000.00 soon enough; we just need to let the track of this market drop subside. Once the wave goes back out, Bitcoin will make a recovery.
Of course, we can’t say just yet, when that will be. Any currencies do look to be heading up towards recovery if this is the case, once Bitcoin picks up momentum then the bottom of the markets will follow. With this in mind though, we could, however, see Bitcoin tipping relatively low values for the rest of this week.
For now, we should keep our eyes on the markets and pursue closely with what’s happening. Probably this time next week, we’ll be describing a very different story indeed.