Bitcoin Bounces Above $6,700 Level After Another Tough Day

Siamak Masnavi

On Tuesday (December 17), Bitcoin followed the 3% price drop on Monday (December 16) with another drop, this time falling as low as $6,687 before bouncing back above $6,700.

What a difference two years makes: two years ago on this day, Bitcoin reached its all-time high (ATH) of $19,783; since then, it has lost 65.92% of its value.

However, it's not all bad news, and serious Bitcoin HODLers would say that Bitcoin halvings and Bitcoin's supply limit of 21 million means that Bitcoin is highly likely to continue its long-term upward trend. 

Now, going back to what has happened today, what follows is a quick summary.

According to CryptoCompare, Bitcoin started the day at $6,918, and it hovered around the $6,900 level until around 12:40 UTC (when it was trading around $6,920). Then, between 12:40 UTC and 16:00, Bitcoin kept falling until it reached the intraday low of $6,687. Since then, Bitcoin has managed to recoup some of today's losses, and currently, BTC-USD is trading at $6,742, down 5.21% in the past 24-hour period:  

BTC-USD 24-Hour - 17 Dec 2019.png

Over on Twitter, there was no shortage of opinions on what the current state of the crypto market tells us.

Quantitative crypto analyst "PlanB" did not seem worried on the basis that "stock-to-flow model predicts the long term trend":

And he feels that the only way for the "stock-to-flow model" to get invalidated would be if "bitcoin has not hit $50-100k before Dec 2021":

As for Jacob Canfield, the #1 Ranked Bitcoin analyst on TradingView, he does not seem to think that now is a good time to buy Bitcoin, and says that it is better to wait until the bulls have overpowered the bears:

Canfield feels that, in the short term, the current downtrend could see Bitcoin go as low as $5,500:

However, as mentioned earlier, hardcore Bitcoiners, such as "Armin Van Bitcoin", are not panicking about the current volatility:

 

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