Bitcoin Continues to Slide. Is It Time to Buy In?
Another day, another dip for Bitcoin (BTC), now down by 5.43% for the week to $67,027. The crypto token has made small gains in that period but has not been able to hold onto them.
We saw a surge on Wednesday which looked like the coin was about to turn around and head back toward $70K, but it was incredibly short lived, and we are now seeing indications of a longer bear trend that has Bitcoin is a powerful grip.
The strong downward pull is primarily coming from high inflation that has continually nagged at Bitcoin and impeded its progress since late March of this year. Until inflation improves, Bitcoin will have a tough time hitting a new record high, a high which has been tantalizingly close for many investors in recent months.
Where Is Bitcoin Headed?
The price predictions for Bitcoin have reversed. Instead of analysts anticipating a new record above $74,000, we are now seeing indications that Bitcoin could hit $60,000 before it turns around.
The wider crypto market is down, with many coins falling about on par with Bitcoin- between 1% and 2% today compared to the previous day. Investors may buy into the dip in a big way, though, and that could help start up a bull trend, short lived though it may be.
Bitcoin might fall further before it sees another surge. Those buying the coin as it declines may want to hold off a bit longer. Since it recently surged, it may be due for a further decline before rising again. Watch closely for indications that inflation is easing, though, as that will be one of the major factors to help push Bitcoin very high, very quickly.
We do not anticipate a new record high for Bitcoin this month, but it might surprise us.
ABOUT THE AUTHOR
See More
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals