WHY BITCOIN WILL CONTINUE FALLING BELOW 10,000 FOR A FEW MORE WEEKS

If you thought the bleeding was over you are far from right. It will take some time for Bitcoin and other cryptos to recover. Bitcoins overinflated transactions costs and overall increased mining difficulty are at insanely high levels and are in need of a serious correction and consolidation before it can have a chance of recovering in price. If you look at the chart below you will see the transactions costs are fighting for a decision.

Will they continue to go up, which will make the price of Bitcoin continue going higher or will they continue to drop off and normalize, this will make the price of Bitcoin continue falling. As you can see from the chart the transaction costs are in a congested pricing level and there is a lot of resistance.

I believe they are in need of a serious correction and once they normalize to around $40-$50 range, Bitcoin can continue rising again. Once the transactions costs normalize to that level I see Bitcoin falling to around $7,000 before making a recovery.

My prediction is that by the end of March is when we can expect Bitcoin to continue on a normal climb back up. And once good old uncle same refunds people back some money the run will pick back up again.