Following Bitcoin’s meltdown a few days ago when prices fell from $19,500 to around $11,000, it sure seemed like the bears were right and Bitcoin was in free fall. But within a day or so the price stabilized and by Christmas Day Bitcoin’s price began to rise again. What’s going on?
The late-comers to the Bitcoin party came into Bitcoin after Thanksgiving when prices were somewhere between $8000 at the beginning of that holiday’s weekend and $10,200 by Sunday night. When their investment rose to nearly $20,000 they were thrilled and then petrified when it began suddenly to shrink back to nearly what they had paid for it. Fortunately, they didn’t all bail on the idea. The fainthearted exited quickly. The more astute doubled down on their new investment. That’s where we now stand. Consider that solid footing. Bitcoin is going higher.