With the current market outlook it does seem hard to imagine Bitcoin moving back up towards $10,000.00 again.
Why $10,000.00? Well, as you should know, Bitcoin peaked at an all time high, just shy of $20,000.00, as a result of this, investors and fans alike, are driven by the notion that Bitcoin will hit $20,000.00 once again. $10,000.00 marks halfway to that target and therefore exists as a strong target point for Bitcoin. In short, if Bitcoin ever wants to meet $20,000.00 again, mathematically it needs to reach $10,000.00 first. Within the crypto-universe, it is better to view things in half-steps first, otherwise you will become bitter, twisted and lose every ounce of optimism you could ever fathom. Therefore, in the pursuit of happiness, we look to spread out our targets so to speak.
Now, in April, off the back of a depressive March, we entered the month reaching new lows, with an air of pessimism that seemed to drive the markets in one direction, down. Likewise, this trend seems to be repeating itself in June. We are now five days in, yet the markets remain quite empty, with very little promise of seeing any climbs anytime soon. With this in mind, and in remaining optimistic, we want to consider June, as the new April.
Track back, and on the 13th of April (which was ironically a Friday) we saw the markets surge. This kick started a bull run that drove market prices up right through into the start of May. As correction took over and as a few disastrous events occured (Mt. Gox coin dumps mainly) we saw the markets begin to retreat again. Assuming this trend will then repeat itself, by mid-June, we could see the markets take a rise up once more. If this happens, Bitcoin will be well on its way back up to $10,000.00. When Bitcoin moves up, the rest of the markets will follow, see our logic?
Of course, this is just speculation and it can’t be guaranteed. At the very least though, the take-home message here is that the markets will move back up away from this negative trend. If you’ve invested, don’t panic and don’t let it put you off, what we see today is just the organic volatile nature of cryptocurrencies in the flesh. Thankfully, that organic volatile nature means one day, the markets will surge again.
Please note, this is not investment advice, if you choose to invest, do so on your own terms with adequate prior research. The markets are risky and thus, investing is risky. Trade safe.