[2018-02-05] Bitcoin Prices Again Below $8K, But Traders Forecast Fresh Upside

[nickbelski]

Bitcoin has fallen 11.23 percent in the 24 hours to press time Monday, Feb. 5, dropping below support at $8000 as its price continues to dictate altcoin performance.

Data from Coin360 Monday shows a continuation of lacklustre price action for the largest cryptocurrency, which saw its slight rebound Saturday, Feb. 4 all but erased over the weekend.

On Coinbase, Bitstamp and some other exchanges, Bitcoin failed to maintain $8000 into Monday, hovering at around $7900 at press time, about $275 off Friday’s multi-month lows of $7625.

Friday’s dip triggered a short-term uptick that saw prices gain over $1200 in a single hour, enthusiasm appearing to dampen once again after passing $9000.

Traders offer perspective
On social media, cryptocurrency traders remained more steadfast than ever in their faith about both Bitcoin and altcoin perspectives.

John McAfee, who has championed Bitcoin and recently begun focussing on specific altcoins, told Twitter followers to “get a perspective” in the face of falling value.


“In a long term view, (Bitcoin) is still climbing. Forget about these short term ups and downs,” he continued.


Adding some perspective on the overall red-washed market, CNBC’s Ran Neuner tweeted yesterday that the combined market cap of all cryptocurrencies today is the same as it was in December, 2017:

At press time, the total market cap according to CoinMarketCap was around $369 million, about the same level as it was Dec. 6, 2017:

Altcoin-focused accounts also cautioned traders against paying attention to coins’ value in USD or other fiat currency terms. Others were more bullish, using various methods as proof a more serious upturn was the most likely short-term future for Bitcoin.

Source: https://cointelegraph.com/news/bitcoin-prices-again-below-8k-but-traders-forecast-fresh-upside

[richardsNY]

I strongly agree that the main focus should be the longer term. There are 2 ways of looking at Bitcoin currently.

[1] Short term -- massive decline from nearly $20k to under $7k right now.
[2] Longer term -- massive increase from around $1k last year, to $7k where we are today.

I always prefer to go with option 2 because that essentially is the only thing that should matter. We have seen so many of these corrections, that we have to accept their recurring existence, and also that they don't play a role of importance when it comes to the long term price. On the other hand, it shouldn't be a surprise that most of the people here are just looking for quick gains, so from there it's pretty understandable to see and feel their disappointment. At the end of the day, no one is forced to take a long term position in this market, especially so with how lucrative these wild price swings can be.

[bbc.reporter]

“In a long term view, (Bitcoin) is still climbing. Forget about these short term ups and downs,”

If only it were that easy. Humans are emotional creatures and are, most of the time, victims of a collective type of thinking making us act like sheep.

But like all market crashes in the past, it will end at some point, start to recover, and create another market bubble once again hehehe.

[superjeyy]

In the world of investments, ventures that are for the long term really matters. As McAfee emphasized, what we are currently experiencing are flactuations that is expected to occur. Looking at the bigger picture, we've experienced worse situations than we have today. Knowing the nature of Bitcoin, it will recover soon enough. We just have to be patient in waiting for that moment.