• Joy Abia

"The bears are ruling" Bitcoin market says.

Bitcoin is very common amongst cryptocurrency traders and users. Most of the time when Blockchain is mentioned, the first thing that comes to people’s minds is bitcoin. Even those who do not trade cryptocurrency have heard about bitcoin before as an investment. Mostly everyone in the blockchain and cryptocurrency space is aware of the recent decline in the dollar price of bitcoin in September from almost $13,000 to an average of $8500. Knowing this, many people still do not know what it means, let alone what to do as regarding the price decline. Who are the Bears Favoring? Those who bought BTC at the high side, at about $11,000 to $12,000, expecting it to rise higher than that may have been the ones with the most loss in all the market. Also, those who bought at a lower price and expected the price to rise to a certain amount to be able to sell, have gained, except the hoarders who expected that it would even get to $50,000 which some predictions had stated, they would not have had the chance to reap their initial benefit cause of that greed. We all have to agree that the bear is always in favor of those traders who sell short in the bitcoin market but this bear massacre is more for those who never got the chance to buy bitcoin at its lower price in early 2019. Yes, you should buy now because evidently, it hasn’t fallen back to $5000 meaning that the price is bouncing back from $7500 to an even higher price than its last highest. From most technical analysis, it was predicted that the price would fall because it was ‘overpriced’ and in any market, price doesn’t just keep rising to favor the buyers forever or in the whole year, it would favor the sellers too. How long would the bear rule? Well, the bull is steadily coming back. Bitcoin price has not dropped below $7800 and it has been rising for a whole 24hours straight. The price is not going back any further. Also, according to some technical analysis of the market, the price of BTC is expected to reach $15,000 to $20,000 by the end of 2019. Are we taking their word for it?

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