The rollercoaster that is Bitcoin has long been a crazy ride, but like all investments, it is possible to look at trends, news, patterns, and other things to try to determine where things are going. One of the biggest questions investors are asking today is where the new floor will be for Bitcoin.
In the previous bear market where it lost about 70% of its value, the floor was finally found around $6500, before it shot back up to almost $12,000. Unfortunately, it has dropped significantly again from there, and is, s of this writing, around $9800. The hourly swings have been less significant, which may be a sign that it is nearing the end of the drop.
So, the big question is where will Bitcoin find its current floor before either stabilizing (yeah right) or going for another bull run.
Many people believe it will be at or around $9000. There are some good reasons to believe this, including the current price, the previous floor, the last high, and more.
One odd reason that people are talking about is the meme from Dragonball Z that almost all crypto-investors will be familiar with of “OVER 9000!!!” While this shouldn’t impact price at all, the reality is, when Bitcoin is at or just above $9000, people LOVE sharing that meme, which gets people talking about the coin, and in some cases buying it.
So, silly or not…Keep an eye out for a floor at $9000 in the coming days.
