After the Big bubble of 2017,reaching $20k ,getting banned in China, having Regulations increased in South Korea and the closing of anonymous accounts which account for 30% of all trades in that country,having regulation increased in every other part of the world , Bitcoin the legendary crypto currency has succumbed to the market forces and regulatory prices crashing down to $9k .Many traders and speculators from crypto chat groups all over fb and telegram, believe that this is a correction which happens every January and February. These 2 months are scheduled for the Chinese New Year and for the Income Taxes in South Korea and Japan , two biggest markets for Cryptos.
Let us remind ourselves that during the crypto bullmarket of 2017, the regulation was low and speculators were free to do what ever they wanted, hence the euphoria . But with the rising regulations we might never see those boom times again,anyway the reason behind the massive bull market was the perception that its value will keep on rising non stop and that everybody that got aboard the crypto train will experience massive capital gains,repay their mortgage off,credit card debt, get their life in place and be financially free.Fortunately for a few that became the reality but only because they got into during the early stages and got out during the euphoria , a stage where smart money was exchanged for dumb money.
The long term support stands at $6k .A trendline position where long term support for Bitcoin is assured.After the month of January and February pass , we might see the bull market rise up again from the dead.
Let us remind ourselves that during the crypto bullmarket of 2017, the regulation was low and speculators were free to do what ever they wanted, hence the euphoria . But with the rising regulations we might never see those boom times again,anyway the reason behind the massive bull market was the perception that its value will keep on rising non stop and that everybody that got aboard the crypto train will experience massive capital gains,repay their mortgage off,credit card debt, get their life in place and be financially free.Fortunately for a few that became the reality but only because they got into during the early stages and got out during the euphoria , a stage where smart money was exchanged for dumb money.
The long term support stands at $6k .A trendline position where long term support for Bitcoin is assured.After the month of January and February pass , we might see the bull market rise up again from the dead.