The price of the top cryptocurrency Bitcoin has been sideways for a while since it dropped from the yearly high of $13,300. It has slumped to mid $9,000s a number of times which some considered an opportunity to buy again.
While some still expect Bitcoin to dip to $8,000 before they buy, a cryptocurrency analyst and trader Josh Rager says it is an unrealistic dream and even buying at $11,000 is not a loss as Bitcoin is likely to hit new yearly highs before 2019 rounds up.
Those who are waiting to buy “the bottom” will feel silly eventually according to Rager. “The only ppl who will feel silly are the ones with empty bags still waiting to buy “the bottom”…,” he wrote in a Twitter post.
New Bottoms Unlikely
Despite the dip to $9,000, some intending buyers have deliberately refused to buy at that price and are hoping for a dip to $8,000 or lower. A recent poll by Weiss Crypto Ratings revealed that although most people were waiting to buy a dip to $10,000, a significant percentage is waiting to buy at $8,000 and another significant percentage expects Bitcoin to dip below $5,000 before they buy.
This is however not a likely scenario as Rager himself had said a number of times. In an earlier tweet, he said those expecting a dip to $8,000 will be disappointed and the only chance they had was to buy at the 30% pullback which took Bitcoin down to $9,000 for the first time since the yearly high. Another 4-digit opportunity still presented itself two days ago but it may be over as Bitcoin has gone way above $10,000 and might be going higher and not lower.
The Bakkt Effect
If there is any reason why Bitcoin is expected to go higher, it is because of the Bakkt launch in September. Just following the announcement of the launch, Bitcoin rose by over $500 in an hour.
This may be pointing to the effect the actual launch could have on the price of the asset. If the trend continues, it is unlikely that Bitcoin will dip to $8,000 or lower again this year and the chance of that happening next year may be slimmer.