Bitcoin has been everywhere recently from on TV, to the internet, and in personal conversations. The price recovery of Bitcoin has been slow but steady since March however with the newfound publicity the price just exploded. This explosion in popularity has led to the last couple of weeks being full of volatility. With the spotlight again on Bitcoin it has scrutinized due to how the last huge bull run went in 2017. This time though with the help of a better understanding of what Bitcoin is and publically traded companies putting some of their cash reserves in it a huge crash seems rather hard to wrap my head around.
While the price has varied heavily it has begun to show a new consistent range again. Bitcoin it appears has a new comfort zone ranging from $18,750-$19,400. While it has broken down below this level it has rapidly ascended back to the lower end of the range. When it has spiked up towards $20,000 it has shown the tendency to fall roughly $800-$900 to the lower end.
People have begun to say that Bitcoin is bound to fall back into the low teens to high single digits but there is a massive flaw in this idea I have hinted at before. Besides the warmer reception, it has gotten this time around another key thing is the government. The SEC has allowed a Bitcoin Trust to be traded publicly. Graystone is known by many for its Bitcoin Trust, Bitcoin Cash Trust, and Ethererum Trust. They have also been running a huge ad spree on TV.
This type of regulation and interest wont allow for Bitcoin to crash much beyond what it has already done last week. While volitility will continue it wont be what it used to be even 6-8 months ago. This does not mean you cannot make a killing still. I typically use percentages as I can't buy huge amounts of Bitcoin but say you buy $50 worth and you see it climb 10% from the purchase price well now your $50 is now $55. If you believe Bitcoin will hit $22,000-$24,000 you have 15%+ gains. This would make that $50 give or take $57.50.
Great money can still be made but with Bitcoin in the near term these solid gains can easily been had! Hope everyone is staying safe out there!
