NB: Disclaimer "This is not financial advice. Please consult your financial advisor to associate the risks involved"
June 13th,2018
BITCOIN PRICE CONTINUES TO STRUGGLE
The Bitcoin price continues to face challenges, with some experts predicting a drop below $6,500 and possibly even as low as $6,000. Despite the recent dip in price, Bitcoin's value is still higher than it was one year ago and even higher than it was in November 2017. In the past 24 hours, the Bitcoin market has seen a decline of 8.04%, with bears remaining in control and triggering panic sales among investors dealing with the volatility. The Bitcoin trading volume currently stands at around $4 billion, which is lower than it was a few months ago, but a daily volume of $20 billion was not sustainable for the cryptocurrency. Technical improvements are on the horizon, which could help to reveal the true value of BTC, but it may take some time and there could be more bearish pressure in the meantime.
Despite the challenges facing the Bitcoin price, there is still hope for the cryptocurrency. In fact, the current correction may be the healthiest we have seen in the past nine years. Last year's price was unsustainable, but this year we are returning to a more normal level, which also means dealing with a significant correction. The decline in price will eventually end, but for now, investors should continue to hold onto their Bitcoin and not sell, a strategy known as HODLing (Holding On for Dear Life). This strategy involves holding onto cryptocurrency instead of trading it, in the hope that it will increase in value over time.
