While the weekend was very chaotic for Bitcoin, things have begun to turn around. Bitcoin has recovered much of its loss, now stabilizing well above the $7,000 mark (running $7,200 at press time). At the same time, after the remarkable gains for Bitcoin Cash the coin has begun losing steam and is slumping below $1,200, or 11 percent down since yesterday.
While many had predicted a complete swap away from Bitcoin Core and a market takeover for Bitcoin Cash, it appears that the entire weekend was ‘full of sound and fury but signifying nothing’.
Buying the dip
The drop in BTC resulted in a substantial buying opportunity. Investors who bought at the lows – around $5,700 – would have realized nearly immediate 20 percent returns in just 72 hours. This only further entrenches the view that the best way to invest in Bitcoin is to ‘buy the dip’ and then HODL (‘Hold On for Dear Life’).
The apparent swap in position was set off by the SegWit2X cancellation. This along with many other negative news stories this year led to a massive short term loss. However, Bitcoin continues to remain buoyant.