When markets just started getting comfortable again with Bitcoin going back to cruising at $7200, a sudden drop around 10:13 UTC continued for seven minutes until 10:21 UTC. The seven-minute sell-off now has BTC trading at $6700.
Everyone from Youtubers, bloggers, chart analysts and even major media commented on the possibility of Bitcoin bouncing back above $7000 yesterday morning. Although the prices grazed $7200, the current pullback of BTC back to $6700 has everyone perplexed about the expected breakout of the market.
Craig Martin, A Youtuber, and a cryptocurrency chart analyst says,
“The falling wedge is an indication used by traders always, right now the possibility of Bitcoin breaking out is extremely high. If the current drop continued then it would have been a bad sign but we are now stable in the 6.7 range. The smart thing to do is buy.”
Rajat Bhandari, a crypto enthusiast from Pune says,
“We have India where the smallest news triggers the panic mode. We are fighting back here. This is the revolution, I can feel it in my bones. Bitcoin isn’t going anywhere. I’m investing in the revolution, not just the money. Someone big just cashed out right now and the markets are still heavily volatile so you can expect the swings.”
Other sources say that a recent Bank of America Merrill Lynch [BofAML] report stating that Bitcoin is a bubble could be the reason for the drop. While many argue that calling Bitcoin a bubble is boring and fails to have the same impact that it had earlier this year. Sideways trading around the $6700 mark for more than three hours after the drop, many say, is a sign that the sellers might be tired.
Allen Isaac, an advisor at a hedge fund managing company says,
“These are times when the smart money accumulates and the weak sell-off. I tell people to have a coin based target, not money. Accumulate more coins, that’s true wealth”
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