I saw this coming anyway. There was not much of a bull strength to kick the bears out of the way. However, I like the repeated pattern for now and how fast it came, so at least we can just clear the whole bearish trend out of the way instead of the slow and steady downtrend which can be dangerous. I keep repeating that a very good news right now will help the market and I am sure even the whales will not want bitcoin to get pushed down lower than $8k if it ever manages to hit that value.
This maybe a case of a bull trap, as one posters said a few days ago, however, it doesn't mean that the bears will remain the market. This is just another test, and I'm seeing bitcoin recovering specially when we enter the month of February in about a week. There's just to much uncertainty in the air, causing the bulls to lose its grip, but I'm sure that they will be back.
I don't think there's any chance it will be £20k by the end of the month. The most people can hope for is that it doesn't fall much below 8k. If it goes down to 7k that's quite bad. People should be very cautious at times like this. It's not the time to go charging in with your life savings. If you think the price is low then by a smaller amount then if it drops more you won't have lost much. These billionaires whales can afford to lose a lot on a gamble. Ordinary folk can't.
We have been involving ourselves with that much awaited $20K. I guess it should take a back seat and not to think about it. Long term we are going to touch and surpass it, definitely, what we should do for now is don't do panic selling. Bitcoin may be down, but not out. With its proven track record, its just a matter of time that it will rebound from all this crash.
