Bitcoin Drops Below $10,000 | Final Buying Opportunity Before Moon?

Nothing should be considered investment of financial advice. Enjoy the ride.

Bitcoin has finally started to correct after its rip upward nearly breaching $14,000. One statistic showed that if you would have bought Bitcoin at anytime except for 70 days of the entire lifetime of Bitcoin, you would be making money. With statistics like those, you might lean towards shorting your asset.

We discussed the recent Bitcoin pump in another article. The main argument against Bitcoin holding these price levels was the lack of pressure following suit from the rest of the market. This was a clear indication that this pump was unsustainable. With Bitcoin teetering back to normal prices, let’s look at what we can expect in the coming months.

Bitcoin Correction

Currently, Bitcoin is $9,852 which is already a good ways from its highs only a week ago. There was strong sentiment to sell when altcoins failed to surge in a reasonable time frame. As the price falls, there are a few levels we should be looking at to support the new price.

The first level should be tapered around $9,000 since this was such a pivotal amount to so many investors. Once Bitcoin broke this resistance, there was little keeping it from surging as high as buy pressure would take it. If we can see strong support at $9,000 and a stabilization of the market, then we could potentially still see and altcoin market.

Bitcoin Support Level

Upon breaching the $9,000 support level, there is little keeping Bitcoin from free falling back to previous lows. The final defense should be around the $6,400 level which was the previous volume eccentric support level. Many investors and TA experts decided once Bitcoin broke this level we were going to see a substantial bull run. Now with the situations reversed, we will need to see this become a confident support level.

If the price falls below these levels, then we could potentially be looking at another retracement to the $4,000 levels and unfortunately no altcoin market. Personally, this would be fine with me as it would open up the doors for further investing and stuffing my bags.

Bitcoin Dies Again

This process could drag out for months and if this is the path BTC takes. The price bleed will probably last throughout Q3 and leak into Q4. The altcoins will suffer the greatest losses possibly reaching new all time lows. Again, this is a great opportunity to double down on investments, pick up sweet deals, and prep your bags.

Regardless of how low Bitcoin goes, moving into 2020 will spark new sentiments. Ethereum is ramping up for its 2.0 release, Bitcoin halving will come into effect in March, and today T.D Ameritrade announced something exciting.

TD Ameritrade-Backed ErisX Gets Green Light to Settle Futures in Bitcoin

–Coindesk

Nasdaq in Blockchain

In light of the market, this is absolutely huge news. With TD Ameritrade achieving what was thought almost impossible, there are new investment vehicles entering the market. We need to remember as well that the company ErisX, is actually backed by the Nasdaq. Therefore, everything is becoming interlinked in the financial industry. There are partnerships being formed on all sides preparing for the crypto take over. I wrote another article explaining all of the Nasdaq Venture investments in regards to blockchain for those curious for more information on Nasdaq investments.

Crypto Market Sentiment

In reality, the market is thriving regardless of the price movements. The CFTC, SEC and even congress are now fully aware and tuned into the industry. Libra, Facebook’s cryptocurrency, has forced them to become more active than ever and provide clarity through the industry.

In addition, there have been game changing announcements similar too: Vechain being used by Walmart, Iota becoming integrated into Jaguar Land Rover Cars, Ripple partnering with 97 new banks (Jokes), Russia and China cooperating in Crypto trading hub (island), and of course the upcoming releases of Cardano Shelly main net and Ethereum 2.0.

The industry is right where it needs to be in my opinion. Any dips are only more opportunity to seize cheap coins. As always, do your own research and due diligence before investing!