Bitcoin Price Stays Put, Can Traders Finally Relax?
Since our last bitcoin price piece, the markets haven’t gone anywhere. Presently, the price is hovering around $455, which is relatively unchanged from where it previously held ground. Bitcoin has found a comfortable place that it evidently enjoys, so we probably shouldn’t expect dramatic change any time soon.
Also read: Bitcoin Price Stagnates, What Happens Next?
Bitcoin Price Takes a Rest
But as one source puts it, things are set for a flash of the old gloom and doom:
“A price downdraft, today, has pulled the price to $454… Given the bearish indications in the 1-day and 1-week candle charts that were explored in last week’s analysis, there is also a high probability that the market eventually declines to $430… The bitcoin market’s capacity for slow torture may see the slow, upward strain continue for several more weeks… Bitcoin’s price range is narrowing as the market progressively trades price into the high-pressure corner of a contracting wedge… The technical analysis outlook remains that price will most likely unfold a downward correction…”
One troublesome side effect that seems to come with being a Bitcoin enthusiast is that you learn to expect (and thereby prepare) for the worst. This isn’t always a bad trait; after all, it keeps us on alert. We’re ready for when things get rough, and when that day comes, we’re far from being like a family of deer in the headlights.
However, maybe the time has come to relax a little. In our previous price piece, one user explains:
‘What’s wrong with Bitcoin having a stable price? We wouldn’t like it if the value of a dollar kept jumping all over the place. A loaf of bread could be $2 one day, and $5 the next. Stability is what bitcoin needs to make it a currency and not a commodity.’
Interesting words indeed, and this user certainly has a point. Despite being eight years old, bitcoin still needs little breaks here and there to make its bones and develop a steady future for itself. Things cannot be 24-hour ascension. We’d certainly like that, but the fact is, such an idea is unrealistic. Things need time to patch themselves up. Time is necessary to heal wounds and fix mistakes, and considering the fluctuations bitcoin has endured in the past, a little stability really wouldn’t be so terrible. How can bitcoin ever truly be taken seriously as the currency of the future if it can’t learn to step back and smell the roses here and there? How can regulators ever look at bitcoin as something that’s less problematic if it can’t focus and stay still for a moment or two?
Ironically, this user’s words also seem to bear a sense of foreshadowing. One of today’s biggest headlines is rising inflation rates in the United States. In fact, they’re the highest they’ve been in about three years. Maybe USD can learn a thing or two from Bitcoin after all…
Will Bitcoin stay as it is for a little while? Post your thoughts and comments below!
Images courtesy of City A.M., Bitcoinist.net.