When Bitcoin had its huge pull back the last few days people naturally began to wonder if this meant a huge correction into the teen or twenties levels. I did not see that happening and I got my evidence in it not going to happen today. MicroStrategy bought another 314 Bitcoins for $10 million. This works out to roughly $31,000 a coin.
Before Institutional investors became involved in crypto wild swings were the norm and really you did not even need to bat an eye when they happened because that was just part of the game. When big money gets involved though it stabilizes things. These big money corporations cannot afford for a huge meltdown in a day, a week, or a month. Now it Bitcoin declined over several months it would be "more acceptable" however quick meltdowns wont work. Large money will just buy more to further stabilize and secure the price so that they do not get embarrassed on a worldwide scale.
This is not to say Bitcoin is going to $50,000 or $10,000 it just has to happen over a long period of time. Well long in the world of Bitcoin maybe not the rest of the world. It is much more likely that Bitcoin will establish a new range in the higher $30,000 then fall back into the $20,000 range. Like always though do your own research. Compare and contrast historical charts but history does tend to repeat itself and this seems to be the new example of that.
