I am a regular competitor on the Cindicator platform. One of the questions asked was what we thought the maximum and minimum Bitcoin prices might be by the end of the day. This type of question was asked fairly regularly so I made my predictions. Bitcoin it turns out made such a price jump that I ended up losing a large number of points for getting it wrong. Many pundits/analysts got it wrong. They like many did not see the coming parabolic move.
Next, there was the talk of Bitcoin going as high as $25k. Some even posited $250k! Between 26 April and 15 May, we saw the massive price rise driven by FOMO (fear of missing out). BTC price went as high as $8323. The enthusiasts among us must have thought prices were headed back to $20k! Alas, this doesn’t seem to be the case. As I write there has been a retracement to 61.8%.
Volatility and uncertainty are characteristics associated with Bitcoin. They are not going anywhere. It looks like Bitcoin’s price is going to infinity but not beyond. Who knows what’s next, but then again, your guess is as good as mine.
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