Bitcoin's Price Falls May Only Be Halfway Through Bear Market
Throughout last week, the Bitcoin bear market was a little bit shaky not until it finally went down during the weekend, falling down to $30,941 as at the time of writing. Some expected it because of the signs that it was showing, while others well didn’t see it coming because they never expected it to fall below $30k again like it did last year. Also, it was predicted that it could hit $100k this year but never can tell how volatility works and how it works it's mysterious and they are fears that the asset could test support at $30k.
Bitcoin falling down below $31k or reaching $30k shows that it has fallen down below 50% than when it was at $68k as at late last year and obviously shows that the crypto fear and greed index is at extreme fear and this means investors negative sentiments are fully into the market. According to coinmarketcap, Bitcoin has dropped by 11.71% in the past 24hrs at the time of writing and within the past 7 days, it has lost 19.22%. Some still believe that when it reaches its bottom it will pump back up at high speed, how true can that be?
Bitcoin is not the only cryptocurrency experiencing the dip currently, other coins that are still struggling to get their small market cap to grow high are however still affected by the dip because most of them trail Bitcoin and as it’s going down, they will obviously be affected deeply too. These have however made the crypto market to be extremely vulnerable because of its close correlation with the stock market, and while some think it’s a good time to buy, some are avoiding the market not to be caught in the dip just as it was last year July when it also went below $30k.
There are so many factors that are currently affecting Bitcoin right now that one doesn’t even know exactly where the fault is coming from crypto fear and greed index that shows extreme fear, increase in energy prices, the China COVID lockdown, and down the Russia – Ukraine conflicts that sparked soaring inflation all disrupting or interrupting the supply chain of the market.
Well Bitcoin falling down like this is not a new thing for diamond hands investors but the only worry is that will it get worse or not ahead of the coming days and what will investors do now or will they count their losses? The only people who are strong and trying to be brave despite the dip are the diamond hands whales but they can’t determine how the market is going to be or what will happen next because predicting the market is not easy as it seems.
The hope is that as usual this is just a phase for those who have experienced it before and when Bitcoin finally reaches the predicted $100k all these will be a story in the past, so the only people who are bothered and in pain are those who are new to the market and haven’t experienced the bear season before.
Posted Using LeoFinance Beta