Bitcoin price dropped below $6000 , Where will it bottom out?
The bitcoin price has dipped below the $6000, after initially dipping below the $6,000 mark on june 23.
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On february, the bitcoin price recorded a major dump from around $8,000 to the lower end of $6,000, bottoming out at around $6,050. However, on june 24, the drop of BTC continued to the higher end of the $5,000 region, entering $5,000 for the first time since early november.
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Assuming a $5,000 bottom for BTC, Where will it bottom out?
Investors in the public market, especially wall street, often develop strong intrest in as asset or a commodity that drops 70 to 80 percent in value in the short term because it represents a viable buy opportunity.
Mid to long term traders and investors are not momentum traders ; they aim for investment oppotunities that could generate strong gains in the next 12 to 24 months.
bitcoin has seen this exact movement in 2010 and 2014, and minor corrrections in between 2014 and 2018. Every correction has led BTC rebounding past its previous all time highs and establishing a new high at a region that is 100 to 300 percent higher than the previous region.
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