Bitcoin is on the brink of a brutal correction below $40,000 as the bear market narrative thrusts itself back into the spotlight.
The world’s largest cryptocurrency sold off from $48,000 to as low as $42,500 on Monday morning, with the plunge being attributed to a visibly weak US and Chinese stock market.
The $45,000 level of support was obliterated by a cascade of sell orders as the move liquidated more than $1.25 billion in desperate long positions.
Bitcoin has, however, bounced back significantly from its $42,500 low as it currently trades around the $44,000 mark after clinging on at support.
If it can begin to close four-hour candles back above $45,000, it would almost certainly confirm a short-term reversal with price targets beginning to emerge at $47,200 and $48,500.
But, on the whole, the higher time frames paint a fairly bleak picture for Bitcoin and the cryptocurrency market as a whole. The local high at $53,000 now appears to be the lower high from the $65,000 all-time high, with a lower low on the macro pointing to between $16,000 and $24,000 over the next six to 12 months.
This bearish outlook would be invalidated with a successful move above $43,000 on meaningful volume, although a stock market recovery would be needed for this to come into play.
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In August 2008, the domain name bitcoin.org was registered. On 31st October 2008, a paper was published called “Bitcoin: A Peer-to-Peer Electronic Cash System”. This was authored by Satoshi Nakamoto, the inventor of Bitcoin. To date, no one knows who this person, or people, are.
The paper outlined a method of using a P2P network for electronic transactions without “relying on trust”. On January 3 2009, the Bitcoin network came into existence. Nakamoto mined block number “0” (or the “genesis block”), which had a reward of 50 Bitcoins.
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As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.
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