BITCOIN PHOBIA OF 2017

Who did this phobia affect the most?

It is never enough to discover an opportunity. What counts the most is taking one’s opportunity.

Bitcoin is a massive global opportunity, but a times, an opportunity might seem very complicated and sophisticated for one to know even when and how to take it.

By the end of this article, I hope that the goal of the author would be unveil by ONLY you, the reader!

JANUARY 2017

The year started off in a pretty strong footing as bitcoin price on the 1st of January, 2017 was $966.67 and closed for the day at $997.69. Bitcoin at the time hit a height of $1129.87 on 4th January, 2017 and went as low as $775.98 per bitcoin on the 11th of January.  The month was closed at $969.69 amidst its usual price fluctuations. I have no doubt that someone reading this at the time panicked and sold off for some contained loss. And guess what, here we are still.

FEBRUARY 2017

February began bullishly as bitcoin price kicked off at $997.69 and the price was sustained until 6th of February when the price took a little blow to kick back at $956.58 and like always, someone will have scurried once more out of fear of the unknown.  The 10th of February marked the beginning of massive upward shift to the price of bitcoin which lasted till the end of the month. The month ended on a high of $1203.53.

MARCH 2017

If this phobia has been on people for the past two months, I guess in this month, someone must have developed High Blood Pressure. Funny, right?

That’s when the fun started. The month started on a moderate rate of $1192.05 and on the 10th, it took a downward turn to $1105.59. Well the price regained balance once more to restore the dead to life. Some are like; when will one ever have a rest of mind with bitcoin price shift?

I can guess the answer, never.

Well on the 19th of March came another thunderstorm. The price shifted downwards to $957.55 and yes, it regained balance like it always did.

Permit me to ask, how many bitcoin investors actually had some good balance all these while, because with all these price shifts, all I see is money making opportunities!

If you are clueless, do not ask me how, just click on Cointruce to get started and we would assist you to create your own story by participating.

The $957.55 of 19th of March was far from the month price low, as on 25th of March, bitcoin price took another dive of $899.97 and settled there for the whole day to kick back up at around 18.00UTC to restore the balance. Amazing opportunities right! Hope another phobia was not on your way once again! That signaled the start of a price rocketing.

APRIL 2017

Bitcoin price never looked back in April! It was all about reaching the sky. An upward movement that started from $1079.84 to $1322.38 to end the month on a positive; well, it’s not as if the price did not ever pedal in this month. The price drop was just as insignificant as a light dust in the air.

MAY 2017

The upward movement continued and all I can recall was an incredible 1st quarter of the year. As if the fun was evaporating, bitcoin price drew back. The price retracted to $2009.31 on 27th of May after hitting $2752.25 just two days before. The month gently ended on $2182.45.

JUNE 2017

A milestone of $3000 per bitcoin was hit in this month. However, seasoned bitcoin traders would agree with me that the month was indeed a lovely business month.  The opening and closing price for the month would not tell the true story better. This is because; the price jumped up and down a couple of times to record a massive return on Investment for traders.  The opening price was $2370.22 and the closing price was $2573.27.

JULY 2017

On this month, Bitcoin Hard fork was on the air which was the first of its kind. Trust me when I say it wasn’t all fun for all. The month started on a low of $2480.80 from the previous day and sustained itself for a couple of days before taking a massive hit on the 13th of July. It remained there till on the 17th of July to bounce back and went for the heavens at $2850.39 on the 20th of July. With all the bitcoin hard fork news roaming about, the month ended on a normal, $2718.76.

AUGUST 2017

The month was full of uncertainties; the wonder month I might say. This month signaled the rocketing of bitcoin price with the emergency of Bitcoin Cash in the ecosystem. The month started on $2851.14 per bitcoin. Amidst a little turn here and there, the month ended on a massive height of $4657.65.

SEPTEMBER 2017

Welcome to “-ember” month.

A price correction was indeed needed after that massive price hike of August. However the month continued on a high of $4968.63 and sustained for a couple of days at that price range. What happened from 12th of September to 15th of September could be likened a little to the price hit of this week. Bitcoin plunged to a massive low of $2985.24 within days. This month was the month bitcoin faced some attacks from different angles ranging from both the CEO of JPMorgan Chase, Jamie Dimon as well as the Chinese ban on bitcoin exchanges among others. Yet, bitcoin came out unscathed. Did that tell you anything? Let’s not talk about Japan and Russia’s massive adoption of bitcoin and its recent legalizations. It is a story for another day

So, newbies, bitcoin plunge did not start today and it won’t ever stop. That’s the nature of it for a proper price correction; however, no one could put a finger on a particular pattern it chooses.

Once more, it was not all low for the rest of the month as the month ended on a high of $4200.69

OCTOBER 2017

Like the saying, after rain, comes sun!

Lucky were they who queued in early and indeed, they smiled to their satisfaction! The month started on a high of $4339.76 per btc and it was all a drive to the sky. A little price correction took place between 15th of October to 29th October to close the month on a high of $6140.97.

NOVEMBER 2017

This is the month that shattered all bitcoin price predictions from the bitcoin specialists! Bitcoin hit a five digit number to a height of $11,039.76. Ironically, the month started on $6391.07 and ended on $10,256.37.

And indeed, that was just the beginning as the ultimate followed suit in December.

DECEMBER 2017

December came with some promises of bitcoin being traded on major world Exchange companies as bitcoin futures. Bitcoin futures were opened for trading on the Cboe Futures Exchange, LLC (CFE) on December 10, 2017. This is one of the biggest milestones for bitcoin since it emerged in the wake of the 2008-09 financial crisis. Bitcoin futures will bring much-needed transparency, greater liquidity and efficient price discovery to the ecosystem. Cboe were soon joined by CME Group as it launched bitcoin futures contracts on December 18, 2017.

Well, that came with some promises and thus the massive global adoption. The bitcoin futures were of course approved by SEC to go into business. On 17th of December, bitcoin attained an all-time height of $19,694.68.

Recall that the month started with bitcoin price being on a height of $9774.01. this is just a week after it hit the price height of $17,117.27 on 8th of December, which coincided almost with the date CBOE launched bitcoin futures.  Hope you saw a pattern there?

And then comes the story of the week!

Just yesterday, 22nd of December, bitcoin hit a massive low of $10,891.32. That’s more than 40% loss of value in a single week only to rally back to the current rate of $15,077.40 at the time of writing this article.

Now back to the matter, BITCOIN PHOBIA.

In all these times, how many times have you cut your loss out of panic? Yet, here you are!

And most importantly, how many times did you feel like, each time you take home your fund, the market seemed to have noticed your move and bounce back?

Note that the market capital of bitcoin is $248,899,658,011 USD and counting at the time of writing this report sourced from CoinMarket.

Does that say something to you?

Taking a myopic view of bitcoin would definitely not take you anywhere. However, Cointruce is here with a tool to always have your back through Cointruce blog! We bring all relevant bitcoin news to your doorstep.

 

Disclaimer: This is exclusively NOT an investment advice, however a market analysis to guide you in making your own investment decisions.

We base our analysis on Coindesk data collection!

 

Authour: Cointruce Team
About: Bitcoin Researcher and enthusiast!



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