This morning, Bitcoin is reversing a negative trend that developed late last week.
After a colossal rally spiking at around $14,000 on June 27, many investors were on tenterhooks watching a dramatic fall down below $11,000. Then, as of the 29th, Bitcoin was well above that mark. By July 2, BTC had fallen below $10,000 only to regain momentum throughout the week.
Friday evening, directly after Americans celebrated Independence Day, Bitcoin was under $11,000. This morning, it’s up near $12,000.
If all of this is making your head spin, that makes sense: it’s a real-world display of the volatility inherent in this cryptocurrency market. It’s a lot different than the sideways crawl that BTC did for months last year around $6,500, with traders almost begging for some action one way or the other!
Even some of the analytic projections have entry-level investors scratching their heads:
“If current parabolic phase is violated, we could expect either an 80% correction of 7-month advance or much smaller correction w/ definition of new parabola w/ shallower slope,” said Peter Brandt, author of “Diary of a Professional Commodity Trader” (an Azamzon favorite) and long-term market prognosticator.
Regardless of some more sober pronouncements like these in the short term, Bitcoin is headed up again, making some BTC loyalists giddy.
As for the long-term, a new study put out by Business Insider seems, to many, like a little bit of junk science.
After interviewing less than 2000 tweens, the study rests on the idea that Generation Z may not be very interested in cryptocurrency as a whole.
However, in the comments section of Cointelegraph coverage, rabid readers tear the study apart with some pretty hilarious characterizations of the new generation.
“Doesn’t mean anything,” writes Arturo Rodriguez, “their (sic) still too young to care about investing. Most don’t understand what stocks are at that age either.”
“How many of them even have a debit card or ID to buy any?” writes Ali.
A poster named Harrel Acton has a similar message in a more colorful wrapper.
“As they warm up their roman noodles and a hot pocket,” Acton writes, painting a picture of some “Gen Z” consumer. “Screaming at the parents that they still live with… uh yeah why on earth would they care a thing about crypto.”
“gen Z just don’t really care about long-term investments in general..” writes Alexxx Dandel, much in the same vein “Yo, all icebergs will melt by the time the kids of Z move out of their parents’ houses…”
The thread goes on like that for a while – the idea being that BI’s study is not quite the finger on the pulse of the generation that it was perhaps meant to be. Some of these posters are making the cogent point that the very bull run we are seeing now may be indoctrinating many of these youngsters to invest or at least think about investing in BTC.