Can Bitcoin Pull Out of Its Funk, Or Will It Sink Lower?

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The question on everyone’s lips is what will happen to Bitcoin and its price. Ever since the flash crash back in June that saw it plummet from $13,860 all the way down to $6,773 at its lowest point, people have been eager for its return to the $10 region. However, it looks as if Bitcoin could very well slide further as the market remains hesitant and walking on eggshells. There is a slight chance we could see Bitcoin rise rather rapidly back to $10k, but the chances of this happening are looking rather slim.

Lower Levels Could Be on the Cards

It’s the news nobody wants to hear, but there is a strong chance that Bitcoin could drop even further and push its way down to fresh yearly lows. The long-term trends have been broken across the board, meaning anything is possible at this point Comparing the 50w MA over the 100w MA from 2016 shows a similar pattern when compared with what we’re seeing at the moment. However, the rise in 2019 was more severe than in 2016, leading us to believe we’ve still got further to fall before we see some positive action. Look on the bright side, Bitcoin is on sale for Christmas!

There is a Chance Santa Will Boost Bitcoin

Whether you believe in Santa or not makes no difference in the crypto world, but there is a chance we could hit $10k before Christmas is out. There is an awful lot of trade volume at the moment, and if we can break this downward trend during a period of high volume, we could see a meteoric rise back towards $10k. That being said, this doesn’t feel like a very likely outcome for the time being.

This latest dip will very likely continue until all over-valued projects are back down to a realistic price. This could take some time, but until we see this point achieved, no price gains will be sustainable and will inevitably slide back down again.