Bitcoin [BTC] prices have caused plenty of debates and discussions among cryptocurrency users and enthusiasts. To put in perspective, the Bitcoin [BTC] exchange rate was established by new liberty standard that established the value of Bitcoin at US $1=1 BTC in February 2011. It soon began breaking records, breaking transaction volume records surpassing Western Union [WU] to Virgin Galactic accepting Bitcoin [BTC] for space travel to hitting $10,000 for the very first time on November 2017 and doubling to $20,000 on December 2017.
But Bitcoin’s dream run seems to have slowed down as the values have dropped below $7,000. Users have found the Bitcoin prices varying closely to the dreaded death cross. A death cross is a point in a stock’s lifetime where the 50-day moving average crosses below 200-day moving average.
Amidst this, CZ, CEO of Binance tweeted earlier:
CZ goes on to say that the news is extremely cherry-picked and that only the $20,000 on December 17th, 2017 price is remembered by all and none of the other Bitcoin hikes.
Paul Lindsay, a cryptocurrency investor says:
“You are really good for cryptocurrency. We need more leaders like you in this space.”
Another Twitter user commented:
“Nice chart for a faithful believer in the crypto-Blockchain industry! Forget about the cherry picking!”
Many other influencers have also supported Bitcoin’s price history and stated:
Jim Iuorio of TJM Institutional Services commented:
“When we are talking about bitcoin…I think it’s important to remember that we don’t have much history to go off of to identify long-term trends”
He continued by saying:
“That being said… any time the 50-day crosses the 200-day, it should flash a warning… & when you couple that with the fact that bitcoin has been trending steadily lower since the launch of futures… I think that it is a major negative.”
Hunter Horsley says:
“…historically most of BTCs annual return was delivered over just 9 days (avg) out of the year. Hard to know which days will be drivers. A merit of HODLing.”
John MaAfee says:
“Where is Bitcoin headed? Personally, I am certain. My bet is still on.”