It has been over six months since Bitcoin touched its all time high (approximately 20000 USD) in December 2017. Since than Bitcoin has fallen 70% and maintaining its support level at 6000 USD. At present new investors are keeping their eyes at expected uptrend whereas experienced investors are still watching it by staying away.
Bear market has prolonged over six months now and reason of which is that, During last quarter of 2017, newbie investors being inexperience, put their maximum money into Bitcoin which pulled the price to uptrend. On 19th September 2017, Bitcoin price was 3900 USD whereas on 19th December 2017 price was 20000 USD. In 90 days Bitcoin increased 500% which was more than hyped. After 19th December, experienced investors started pulling out their money in order to gain maximum out of hyped increased and newbies kept expecting the price to touch 100,000 USD which was more of an exaggeration. Owing to same hyped price, Crypto Whales avoided their investment for over six months. At present Bitcoin is maintaining its support level at 6000 USD with some potential investors who are expecting the price to hit 5000 USD. There must be many investors who put their whole money once price was at all time high and are now helpless and depressed.
At present, all Cryptocurrencies have tested patience of all investors and it is the time to make new history. After huge Sell off, Crypto market has reached at level of "HOLD" by the investors. Indeed it is pattern of flow of money which describes market timings. It is hard to say that, it is human nature to buy at high price and sell of at low price but on the other side, there are few investors who predict high price of Bitcoin and other Cryptocurrencies based on Blockchain technology. It is expected that, after few years from now, we may look back at current Cryptocurrencies prices and feel that it was a great time to BUY Bitcoin or other Cryptocurrencies.