Bitcoin, whose price fell terribly in 2018 after reaching great heights by the end of 2017 seems to be back on a recovery mode. For the first time in many months, the Bitcoin price is about to reach 7000 and could well hit 8000.
This quick price plunge could be because of potential short squeeze leading the liquidation of short contracts to add to the momentum of BTC. It is a staggering 9 percent rise within 24 hours.
As in the past, no one is sure when will it stop and that is the most dangerous thing about Bitcoin. Warren Buffett warned in 2017, it’s a real bubble. The current price is 100% gain since the 2018 year-end low.
What I’ve been watching. Dailies starting to extend (progressively getting larger). pic.twitter.com/xhHnABk3Re
— ParabolicTrav (@parabolictrav) May 11, 2019
Is Wall street up to something, trying to buy Bitcoin?. Whatever the reason is behind this rapid price plunge, it will be interesting to see the price patron in the near future.