Bitcoin Keeps Wavering: What Is Happening?

Bitcoin has had a tough week. The miniature surges and crashes that it saw are one of their kind display of volatility.

The curves have oscillated between $3,870 to $3,400, never leaving this specific ‘hot’ zone except once when it dipped to $3,200 but regained almost immediately.

BTC chart
Source: CoinMarketCap

In market capitalization category, Bitcoin has lost almost $6 billion in capitalization this week.

BTC chart
Source: CoinMarketCap

Enthusiasts are still pretty confident about Bitcoin snapping back from its lows. For example, early bitcoin investor, and crypto expert Eric Dalius said that there’s still plenty of fight left in Bitcoin despite the mudslinging from the naysayers and falling Bitcoin price. He also predicted a looming in bull-run.

On the other hand, critics are on their feet in the joy of this crumbling market.

Nouriel Roubini, professor, author and a widely heard critic of cryptocurrency has quite a lot to say about to this:

‘…Crypto and the related ICOs were the greatest robbery of the century. Millions scammed out of their savings with 1000s of shitcoins that were a scam in the first place!’

With this kind of volatility in charts, it’s difficult to get ahead of the train and predict anything substantially valuable. With Dec, 17 2017 anniversary, the day bitcoin hit the peak for one fleeting moment, only days ahead, all eyes are looking for a same episode to happen in 2018.

Happy trading!

Sarim Mehmood

An electrical engineer to be. Sarim is a blockchain & crypto enthusiast and an early investor in ETH and Ethereum based projects. Contact the editor at editor.opinions@blockpublisher.com

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