Bitcoin has been teasing us in recent weeks with a suspected move upwards in price. Some altcoins have seen some decent pumps as well, which could imply a reversal of the market conditions. However, not everyone is convinced that we are out of the woods yet. Betting on the Bitcoin price has become a little more interesting recently.
Both Tone Vays and his friend Leah Wald have offered bets that we will see Bitcoin drop below $3,000 before we see a bigger rise up. They are not bearish on Bitcoin in general, merely reviewing their charts and believing we haven’t fully retraced enough yet. Price is never far off the lips of many people involved in Bitcoin. Arguments can be made about the price being over important in the industry, when in reality there are many more important discussion points.
This could be good news for many who want to see the price drop. When Bitcoin shot up to $19,000, buying one Bitcoin was out of reach for most people. Since then, the drop has caused people to reverse their thoughts and believe Bitcoin will never succeed. There are some though that view $3,000 as too expensive. Of course, they could buy a fraction of a Bitcoin, but to be fair, that probably isn’t as satisfying as owning a whole Bitcoin.
New research has suggested that cryptocurrency trading is a problem for gambling addicts. There are certainly similarities between the two, the first and foremost being that there is a high element of risk and a possible big reward, but ultimately no one knows what is actually going to happen. People haven’t been slow to grasp this – there are numerous blockchain gambling sites as well as a clear crossover between poker players and cryptocurrency enthusiasts.
With that being said though, which way are you betting on the price action of Bitcoin and altcoins in general? Are we going to see glimmers of hope followed by months of pain? Or maybe you believe that the bear market is finally turning and we are about to see some crazy moves? Let us know what you think in the comments below. Oh, and as a reminder, don’t play with money you cannot afford to lose.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.