Bitcoins Fall Again Today – ‘Is This a Bear Market, or a Market Correction? Or simply, Profit Taking?’ (BITCOIN: Part 3)

Whatever is currently happening now in the highly volatile Bitcoin cryptocurrency markets; one thing is certain – and that is: – That the value of Bitcoins are tumbling fast, and sliding downwards, as witnessed in the past two weeks; after earlier massive gains, this year. 

As always – this emerging downwards swing in any currency’s price is good news for some people; and at the same time, very bad news for others. If you still own Bitcoins, should you be selling them now?

Today on Friday, September 15,2017; the value of one Bitcoin opened up this morning at $3080; which is down -4.5% on the previous day.

Similarly yesterday, on Thursday, September 14th; the Bitcoin-US Dollar exchange (BTC/USD) rate opened up in the morning down at $3481; and this was again also down on the previous day by-4.5%. During yesterday’s trading bear market, prices descended to $3,413. As of yesterday, the Bitcoin had dropped its price by 11 percent; over the last previous 24 hours.

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Let’s not forget the good times too; as the Bitcoin BTC/US Dollar values earlier on this year continued its high rallies that saw one bitcoin surpass the price of an ounce of gold. And then, amazingly it’s value soon doubled the price of gold! Let’s not forget that, two weeks ago, on 2 September this year; the Bitcoin achieved another historic record high of over US$5000 in value.

But since 2 September, multiple downslides, slashes and busts have taken the Bitcoin-US Dollar exchange (BTC/USD) rate downwards, to its new four-week low of $3080; as of earlier today. Bitcoin drops we have seen; are now averaging week-on-week losses of about 25 percent; and compared to last month, the Bitcoin cryptocurrency is down by well over 20 percent.

Remember, this reversal was expected, as massive sell-offs and profit-taking continue; and will continue, for a while, in the short-term; as investors continue to benefit substantially from the astronomical bull market rally of July to September 2017.

The Bitcoin offering is only currently going through a much-needed market correction, which began about 12days ago. But the correction’s degree of severity is still uncertain, as to its final drop and when the drop will finally bottom out!

<a href="" target="_blank" rel="noopener">Source</a>

Also, impacting on Bitcoin’s global price drop; is the industry announcement that the Shanghai-based Bitcoin Exchange, BTCC, will shut down its domestic China-facing trading operations, with immediate effect, as from September 30. Though, it is expected that BTCC Shanghai will continue its Bitcoin mining and other global Bitcoin offerings and international Bitcoin trading operations.

Whether the decline in the price of the Bitcoin is just a Profit taking spree; or a long-term Bearmarket, or a short-term Market correction, or simply a doomsday bust; one fact remains certain – and that is, Bitcoin (BTC), is still without any doubt the only mainstream global market leader of all crypto-currencies.

Bitcoin remains the king of the crypto-currencies industry; the first of all crypto-currencies; and retains its impeccable track record; and solid business model. So don’t panic, as this bust was widely expected! But do take action to protect your cash. The key question is: If you still own Bitcoins, should you be selling now?

As I have mentioned; the Bitcoin is currently going through a widely expected market correction which is most likely, still in its early days. This cryptocurrency king has been driven lower and lower by immense sell-offs; by the rapid month-on-month rallies analysis; and the dire news of an impending, and current Bear Market.

As the ongoing feverish, bearish news to sell continues to flow, I expect the downwards slide of the Bitcoin to continue – to well below $2,500. So I don’t think that now is the time to buy Bitcoins; as there may still be a lot of value left in BTC to be shed.

At the time of posting this today on Friday, September 15; the mid-day trading value of one Bitcoin was further, down to about US$2,950; down -8.5% on the previous day.

NOTES: Read my earlier quizzes about Bitcoin – Quiz: 1 – click here! And – for Bitcoin – Quiz: 2 – click here!


What do you think?

Written by Daniel Obiago


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  2. It all depends on you – Nela. Mining bitcoins requires hard work; powerful dedicated computing power; the upgraded softwares; great maths skills and a through understanding/use of how the blockchain ledger operates; particularly around SegWit. Also beware of scams. Goodluck.

    • Mining bitcoins depends on you; as it requires hard work; powerful dedicated computing power; the upgraded softwares; great maths skills and a through understanding/use of how the blockchain ledger operates; particularly around SegWit. Also beware of scams. More on Bitcoins & Prices to follow in my posts. Goodluck.