The Diary Game: August 12, 2020: My Opinion About Bitcoin Price Pullback Today
Bitcoin is still resisting the price pullback and is at this writing bouncing from two short-term support levels. Actually now BTC is still going sideways because it is still not crashing to sub-11K price points. But in my opinion to either continuing the bull run or a price crash BTC seems to be still the best crypto to invest in.
So even if the price of Bitcoin goes down to $7,000 per Bitcoin range then it will be another chance and opportunity for people or investors to buy in due to the fact that it is more than certain that in a relatively very short amount of time the price will touch these recent price levels.
Right now we had seen three resistance of going beyond the 12K price point and soon it will be breached if the all the sellers are done selling and will be preparing for another leg for this kind of Cha-cha dance of price volatility where if the price goes into a certain level a "correction" will follow and then followed by a lull and another push which really depends on my factors.
But the main factor that will make BTC gain more traction with its value is its ever-dwindling supply. Investors are born each day learning about bitcoin and in turn would take BTC in one way or the other and thus making BTC supply become scarcer day after day. The law of supply and demand tells us that the more hard to acquire a thing to acquire the more valuable it becomes.
There are many factors out there in influencing the price of BTC to the downside as well like whale manipulation, large Bitcoin stake holders that are like boat oarsmen who knows well about trading and point where the price goes for their profiteering interests. Even if it was the case we can just ride the waves and buy in to the dips and sell at the top. The thing is that we do not know where will be the top but certainly if it dips it will come back up soon.
Disclaimer:
All the statements here are from the author and should not be taken necessarily as facts. Please do your own research about cryptocurrencies before investing in its volatile markets.
I like your honest opinion on Bitcoin @cryptopie. Someday all this bumpy price action should come to calm waters whenever it decides it's topped out (which could be very soon). Have a good day~