The Bitcoin price has dropped severely over the past week, which has caused unease among numerous investors and traders. However, some are still interpreting the statistics as indicative that the coin’s overall performance still remains bullish.
Bitcoin saw a lot of activity in 2019, most of which has been rather positive when looking at its price’s overall performance. It started the year with its value fluctuating between $3,400 and $3,800, only to start seeing growth in early February. The growth was initially slow, but the series of surges that followed took the price all the way up to $13,700 on June 26 — which was the highest that BTC has seen this year.
That said, Bitcoin volatility tends to go both ways. After the surge, BTC still managed to remain above $10,000 — which acted as its largest support level. However, the support broke during the past week and BTC dropped down by around $2,000. It is currently sitting slightly above $8,000.
A large number of investors and traders were disappointed by this performance, particularly those who are relatively new to the cryptocurrency industry.
However, experienced participants in the crypto market are not seeing this type of price activity for the first time, however — and many remain optimistic.
Chill bitcoin folks.
You want massive gains – it comes with powerful retracements. Volatility doesn't discriminate.
The final cycle alone during the recent uptrend added 85% – in 17 days. In 100+ days since in a retrace, still haven't worked off those gains. pic.twitter.com/7D1QpGl27n
— Bob Loukas (@BobLoukas) September 27, 2019
Some have even pointed out that massive gains come with big retracements. While Bitcoin’s recent retracements are rather large — they are still not nearly as large as the gains that the coin has seen earlier this year.
In the final bull run that took Bitcoin to its highest point in 2019, the coin has seen an 85 percent uptrend in only 17 days, from June 11 to June 28. In the following 100 days — between the highest point BTC has reached and now — the coin has been either dropping or trying to maintain stability.
In other words, Bitcoin is paying the price for surging up in a major and sudden way. Even so, its overall performance during this year still remains quite positive. There is still more than enough time for future development before the year ends. Anything remains possible.
What do you think about Bitcoin’s performance? Do you think that the coin will surge before the year ends? Share your thoughts in the comments!
Images courtesy of Twitter, TradingView.