Serey is utilizing Blockchain technology

Bitcoin- How Low Can It Go? It's Anyone's Guess.



![cryptocurrency-3435862_1280.jpg]( Bitcoin and Facebook's Libra Coin have come under scrutiny by United States regulators, and traders have taken their profits after a 40% runup last week, when Bitcoin reached $14,000. With the news, technicals and momentum turning in, how low can Bitcoin go? Today, Bitcoin has rebounded above its $9,500 resistance level to just over $9,700, but it faces some downward pressure. After a 200% rise YTD and a 40% fall last week, this volatile asset may find its legs or crash hard back to below $7,000. A huge force allying downward pressure on Bitcoin's price is the Libra Coin scrutiny. David Marcus, a Facebook executive met with Congress for a hearing regarding Libra Coin, and was met with scrutiny regarding money laundering, price instability and Facebook's ability to handle and regulate the new cryptocurrency. All cryptocurrency holders are concerned that this scrutiny could bleed over to Bitcoin and the altcoin market. Combined with short-term traders taking profits from leveraged trades, Bitcoin reacted with a swift $1,000/coin loss. How low can Bitcoin fall? It's anyone's guess given the extreme volatility of the Bitcoin market. We could see up to an 80% correction to this recently runup, bringing Bitcoin to $7,500 or a breakout beyond the $9,500 resistance level to $12,000. Bitcoin has faced scrutiny and regulations all around the world, most famously in India, China and Russia. Bitcoin has recovered and thrived each time. What can you do? Average down your price by purchasing small amounts of your favorite blue-chip cryptocurrencies including BTC, BCH, ETC, XRP and EOS with money you can stand to lose. If the crypto-winter persists, it will likely do so until Q2 2020 when the Bitcoin rewards halving occurs, an the emotional news cycle cools down. Sources: Originally published in the Weku account I own at: Also published in my Publish0x, Minds, Hyperspace, Golos, Bearshares, Whaleshares and Serey accounts I own. Picture from Pixabay.
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