After months of price stagnation, it seems that Bitcoin’s famous volatility could be making a big comeback.
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Over the course of last week, Bitcoin finally broke through the $8,800 to $9,800 range that it had been stuck in for much of May, June, and July. First BTC hit past $11,000, and then pushed over $12,000.
However, the push past the $12k appeared to trigger a massive selloff; the price crashed back down around $11k almost immediately; some data sources show that the price crashed as low as $10,500. At press time, the price appeared to have stabilized around $11,135.
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Bitcoin’s previous runs past $10k have been followed by significant price crashes
The bull run up to $12k and the subsequent crash seem to be part of an ongoing pattern of upward motion past $10k followed by a crash.
Twitter user @CryptoWhale pointed out that Bitcoin “has only held above $10,000 two times in history. Both times were followed by a 70-80% crash.”
#Bitcoin has only held above $10,000 two times in history.
Both times were followed by a 70-80% crash. pic.twitter.com/NmfoZKynk7
— CryptoWhale 🐋 (@CryptoWhale)