November and December this year has been Bitcoin’s busiest month. The currency has had huge volatility in this period and has managed to hold on. Its run which saw Bitcoin hit $20,000 ended last week after a major market correction by around $8,000 on almost all major exchanges in the world.People are now predicting that 2018 will be an equally busy month for Bitcoin. One example is Dr. Julian Hosp the co-founder of TenX who has predicted that Bitcoin will see high peaks and low deeps in the year.
Julian Hosp stated that:
“I believe we will see Bitcoin hit $60,000 in 2018. More to that I also believe we may see Bitcoin hitting as low as $5,000. The question will remain to which of the two will be hit first.”
The market correction was received differently by some people seeing it as a crash or bubble bursting. There are other investors who are taking advantage of the lows to buy more Bitcoin. According to Julian Hosp: “For investors who have been in this market the drop in price was actually an opportunity to them. The dip was very health to most people, and some of us have used it to acquire more bit because we received the news and took them as discounts.”
The dip did not actually affect Bitcoin only. It affected the entire Cryptocurrency market which suffered a $200 bln loss within 48 hours. Even though this time’s correction terrified many people, it’s not the first correction to be done. More corrections will even come if future so it’s good to stay prepared for such times.
Expect more price corrections
There are many factors that lead to price correction not a single situation can lead to the correction. In fact, Julian Hosp expects more correction in the digital currencies’ market. According to him: “I don’t see any bubble that will burst and people lose their money. What I see is that all coins that are less used may be sorted out. Most investors will direct their money to cryptocurrencies that will deliver value. More to that they will prefer currencies’ that have new technology and are easy to use.”