![panic mode panic mode](https://i.ytimg.com/vi/ie-QV5QO23I/maxresdefault.jpg)
That high-volume sell-off likely indicates many weaker hands have left the market.
![panic mode panic mode](https://i0.wp.com/dailyhodl.com/wp-content/uploads/2019/07/panicbt.jpg)
More importantly, trading volumes jumped more than 30 percent month-on-month in November. The price of bitcoin has since fallen nearly 50 percent from the $6,000 mark, trading at an average price of $3,327 according to CoinDesk data at press time. 14, pushing the bitcoin market into the âpanicâ stage, causing investors to look for an exit with no price floor in sight. Those hopes, however, were shattered as BTC nosedived below $6,000 on Nov. In this interpretation, the denial stage, it could be argued, lasted for five months as BTCâs repeated defense of $6,000 offered hope that the broader market and altcoins with strong fundamentals would recover lost ground before the year-end. Since then, the bitcoin market has arguably gone through “complacency,” “anxiety” and “denial.” The bubble, however, was pricked just two weeks into January by a regulatory crackdown in China and South Korea â two of the biggest sources of demand for cryptocurrencies back then. Most pundits came out with bitcoin targets of $50,000 or more at the time.
![panic mode panic mode](https://i.ytimg.com/vi/b0IGaSNGDfw/maxresdefault.jpg)
Bitcoin prices rose from $6,000 to $20,000 within seven weeks on speculation that futures launch would open floodgates for large institutions to buy cryptos.īacked By Volume, Bitcoin’s Eyes $4.4K Price Targetįurther, every other altcoin, regardless of its fundamental story, had rallied to record highs by the first week of January. The cryptocurrency market was gripped by euphoria in the last quarter of 2017. This is the time when investors think nothing can go wrong and a self-feeding cycle is established: more investors enter the market for its stellar returns, leading to a further rise in price and valuations reach dizzying heights before, eventually, reality bites hard.