This article does not contain investment advice or recommendations. Every investment and trading move involves risk, so you should conduct your own research when making a decision.
The past few months in Bitcoin’s history have been very interesting to watch, especially when honing in on its price fluctuations as a gauge of where it is going next. From about November 2017 to now, Bitcoin has almost come full circle as its price skyrocketed to $8,000[1] and beyond to $20,000[2] before falling back to the $8,000 mark.
Taking the time frame from November 2017, when people were cheering its groundbreaking move beyond the $8,000 mark, to today, when people are petrified that it will fall below that price[3], we can see very different perceptions in trader confidence.
However, traders in the know are less concerned with these movements of price and are not letting the typical Bitcoin fluctuations[4] get to them. Some are explaining the current price as still massively positive, especially if one zooms out on the charts and looks at where Bitcoin is in the bigger picture.
There are others, though, that are pointing towards market manipulation[5] as a potential cause for why Bitcoin’s price keeps shedding its gains between $8,000 and $10,000.
Returning to its range
Part of the reason for the concern over the Bitcoin price is that many investors only got into the market in and around the time the price was hovering around $20,000. The hype and adoption[6] was massive at that stage, with Coinbase boasting about adding 100,000 users[7] in 24 hours at the beginning of November last year.
That spike in price was unprecedented and unusual. As Anthony Pompliano, the
