After rising exponentially for three solid days, bitcoin prices fell sharply on Thursday afternoon dropping over $500 in a four-hour period. The price has rebounded since the drop hovering above a $2300 per BTC average across global trading platforms.
Stairs Going Up, Elevator Going Down
As the saying goes ‘what goes up must come down.’ At some point, a correction after Bitcoin’s intense bull run was to be expected. During the early morning in the Western Hemisphere on May 25, the price of bitcoin hit an all-time high of $2760 average across global exchanges. A few hours later the price took a downturn seeing a five leg drop to a low of $2221 per BTC.
Of course many had expected the price to correct, but the degree was unknown. There wasn’t any bad news or headlines giving a reason for the dip. A lot of traders believe that it was a typical pre-weekend correction that has taken place every weekend for over a month and a half. The weekend prior to the Consensus 2017 conference in New York was the only exception as there was a lot of hype happening. Additionally, it’s the end of the month, and some traders believe people are merely paying their bills and more than likely most were just taking a profit.
link:https://news.bitcoin.com/bitcoin-price-falls-sharply/
The prices were quite predictable and one would not have expected such rapid growth up to $ 3,000 per 1 Bitcoin.
