Bitcoin markets are unpredictable, to say the least. One moment you could be stacking your SATs up to the heavens in anticipation of a bull run, and in the next you could be spending it on takeaway pizza. You never know how and where the markets are going to move, or do you?
Bitcoin began the year at $3,400, topped out at $13,800, traded between the $9,500 – $10,500 range for months and now, is perched below $8,000. Even with the king coin losing over 24 percent of its value in two weeks, some are expecting a price shock come the end of the year, and even a break over its all-time high of $19,800.
Last week, Bitcoin dropped to its lowest price ($7,750) since May/June. In the last day of September, it recovered to $8,500.
However, throughout last week, it almost hit the $7,750 low before the current resurgence above $8,000. The entire market has been bullish today with over $3 billion added to make the total market cap increased to $221 billion according to data on Coinmarketcap.
From a large perspective, it seems Bitcoin would slump deeper to $5,500-6,000 zone. However, a minor rally toward the $9,100-9,300 resistance zone was expected to happen.
So far, the market has performed far below expectation. The minor rally was only as high as $8,500 although the current surge could push to the expected zone.
Clearly, the slowness of the recovery is giving a sound signal that we might not see BTC above $9,000 this week.