After days of indecision and shock, Bitcoin climbed again on November 14th. Specifically, the coin reached $17,000 in the afternoon of the 14th and again later in the evening of the 15th. The prices didn’t stay there, but the general day-to-day change is in the bull.
The price of Bitcoin at the moment of writing this report is $16,800. This is a good number, considering the recent news, but it’s still $5,00 lower than before the big crash. These developments are rather nuanced, and there are still factors that make it a detrimental situation, especially considering the support concerns.
The general mood, however, seems to be a tentative trust in recovery. There are several points of interest in this whole situation.
Although it's currently difficult to fully assess the situation, the recent crypto rally gave Bitcoin a lot of driving force that hasn’t fully expired yet. If it wasn’t for the big fiasco earlier in November, we could expect reliable growth. This drive served as a cushion that made the decline less than it could have been.
There is still bad news, as people began to diversify their portfolios and distribute coins instead of accumulating them as before. This raises concerns for support, which could mean that the coin will massively fall in price when the value of this currency inevitably shrinks.
There are estimations that this potential decline could fall below $13,000, making BTC only as valuable as it was exactly two years ago. This would erase all the progress since then and undermine trust in the crypto economy even further. But don’t give into panic just yet.
Hope & Trust
The Crypto rally that started in October continues to inspire and encourage people to mine and invest in crypto, even if trust in the crypto exchanges has plummeted to a record low. There is still a lot of action on the market, which stimulates price growth. If the FTX fallout decreases and is contained within the following weeks, BTC may be saved.
This is a likely scenario, but it’s better to be cautious. This situation differs slightly from earlier this year. Back in April to June, the decline occurred in a landslide without genuine hope for a resurgence–until the coin hit a flat line. Today, there are many different possibilities, as well as opportunities.