Bitcoin Bounces Back – Bitcoin plunges. Cryptocoin investors panic. Then Bitcoin Rebounds. It’s like Groundhog Day.
Bitcoin bounces back about this same time every. Many people have pointed out this trend but nobody made it as simple to understand as John McAfee. If you study the charts below you will see that the price of BTC plunges dramatically only to shoot up to fresh new highs. With history as our guide, we should be very excited in looking forward to what’s going to happen next.
What’s going to happen next? Bitcoin bounces back. In fact, the more dramatic the price drop the higher the price goes on the rebound. While no one can be sure why this Groundhog Day version of Bitcoin happens this time of year ever year, some point to the Chinese New Year. Maybe so. Possibly not. SOMETHING is behind this annual readjustment on Bitcoin.
Looking at the bigger picture, the Dow dropped as much as 1600 points today – it’s single biggest drop in stock market history – before recovering a bit to close down 1175 points. The S&P 500 and Nasdaq followed suit. In any financial market it happens. What goes up must come down — only to go up higher than ever eventually. This isn’t a “Bitcoin thing” and I don’t see the latest round of bad news out of China as the culprit either. The Bitcoin market is going through a healthy correction which will weed out the weak newcomers (“noobs”) to Bitcoin investing, the fly-by-night Bitcoin scammers and the new-to-market Bitcoin miners who eventually learn that cloud mining is a very bad idea.
Bitcoin bounces back already; the price is up nearly $700 from its lows this morning as I write this. If you’re a Bitcoin investor just HODL and buy more if you can and take advantage of these low prices. If Bitcoin’s 2018 performance is anything like 2017, your 2018 Bitcoin purchases now will make you rich later.
