I was sent the following image by a friend today on whatsapp and saw it being shared on a few fb groups as well. It seems as though for the past few years, Bitcoin has witnessed major correction in price in the first couple of weeks of January followed by an uptrend in the later part of the year.
This behaviour seems cyclical based on historical performance. However, It's middle of January 2018 and we're faced with yet another market correction. So it seems to meet general expectations that: this particular market correction will be over soon.
However, this time there are also greater concerns such as governments cracking down on exchanges and cryptocurrency trading in some important markets.
As with most bearish markets, there's also a LOT of FUD in the system. There are all kinds of people predicting the price to reach new lows and others who say the correction is over.
Honestly these days it can be hard to separate the noise from the truth. As small fish in the sea, one can only HODL along and wait for the correction to subside and the market to turn around.
Hopefully, some of you, if not all of you have booked some profits and set aside some funds to enter the market at these low and inviting prices. Market corrections are the best time to enter and purchase your favourite tokens because of their seemingly lower values. Because of these new lows I was able to pick up some Steem and Bitcoin as well.
What do you think will happen in the days to come? Do you feel that the cryptocurrency market will retrace soon as it has traditionally or you expect to make a loss and withdraw your investment to protect your principal amount?
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
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