Bitcoin is back up – crosses $16,000 in what some are calling a Christmas Miracle

bitcoin-going-up

Some are calling it a Christmas Miracle, others are calling it more proof of how volatile and truly unpredictable Bitcoin is. No matter what you want to call it, the latest dip that started Friday when BTC tested a critical support diving into the $10,000 range, seems to be over. For those who bought Bitcoin this weekend major profits could be realized this week if they timed it right.

Let’s say you bought 2 Bitcoin at it’s low on Friday (just four days ago), you could have sold that today for a $12,000 profit, in just two days. Of course nobody has a crystal ball so while some people were lucky enough to buy Bitcoin at it’s low on Friday, many who “bought the dip” did so in the $12,000 – $14,000 range.

The big question is – was that it? This four day price correction hardly feels like it warrants the hashtag #bitcoincrash. It’s also probably leaving more than a few Bitcoin investors pretty darn frustrated if they sold as it dropped. For everyone that bought Bitcoin in this dip there is an equal and opposite person (okay maybe it’s not one to one but you get the point!) who sold the dip…which is, errr, incredibly painful if the dip bounces right back four days later like it seems to be doing now.

bitcoin-crash.2017

Looking at the chart it really does seem, right now at least, like there was a pretty quick dip in Bitcoin and a lot of people freaked out. If you took a step back and looked at it, let’s say over the course of last month, it’s almost like nothing happened…

bitcoin-dec-2017

Sure, you can see the price drop on the 22nd…but let’s be honest, December has been an absolutely out of this world amazing month for Bitcoin. So while yes, it was scary for a minute there, this is hardly a crash, that being said, I’d say it’s fair to call it a price correction. The big question on everyone’s mind right now is – is a bigger dip coming?

Bitcoin Entrepreneur Julian Hosp was quoted saying that Bitcoin will likely go as high as $60,000 in 2018…but he still expects a dip, probably bigger than what we just saw. How low does Julian think it could go in a future dip? All the way down to $5,000.

“I think we’re going to see bitcoin hitting the $60,000 mark, but I also think we’re going to see bitcoin hitting the $5,000 mark,” said Hosp, co-founder and president of TenX, a firm that wants to make it easier for people to spend virtual currencies. (Source – CNBC)

While it’s hard to imagine Bitcoin going as low as $5,000 after seeing it bounce back so quickly this weekend, but as we all know, when it comes to cryptocurrency, absolutely anything is possible. For now it looks like investors who bought on this dip are sitting pretty right now while those who sold are probably kicking themselves for acting too soon…maybe next time they’ll remember the acronym that runs through most seasoned Bitcoin investors heads when something like this happens – HODL!

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