Bitcoin was able to recover after yesterday’s drop below $ 30,000 though. But does BTC really have the worst behind it now?
Bitcoin below $ 29,000
Bitcoin, it seemed, was hanging by a thread yesterday: in the midday hours, the Bitcoin price suddenly slipped below $ 30,000, touched local lows of $ 29,000.
All altcoins, including Ethereum, have also been hit hard. The Bitcoin hashrate also suffered a massive drop due to news that miners in China will have to stop operations or start moving to more mining-friendly areas such as Canada or Kazakhstan. Many industry participants were sure: now a new bear market begins.
It was only in the late afternoon that the number 1 cryptocurrency by market capitalization managed to move back above the significant $30k mark. Overnight, BTC was able to gain again and rise more than 5,000 dollars. Bitcoin is currently trading at $ 34,000.
The question investors are now asking themselves: Have the crypto markets survived the worst – or is further price losses to be expected? Bitcoin has indeed made a wonderful bounce, and most of the coins in the crypto top 100 look green again this morning. But has BTC really already survived the decline?
Next stage $ 42,000?
Full-time trader DaanCrypto is optimistic about Bitcoin’s short-term prospects. He thinks an increase to $ 42,500 to $ 43,000 is likely, as he writes to his more than 105,000 Twitter followers.
$ BTC Great continuation so far. Would make a lot of sense to go for the highs at 42.5-43K next.
Did buy some spot at 30K and will look to get in a long position on a higher low. https://t.co/QoZtSidttb
– Daan Crypto Trades (@DaanCrypto) June 23, 2021
Major investor Dan Tapiero also considers the recent decline to be an ideal buying opportunity. He is irritated by the” ridiculous level of negativity ” unleashed by the recent Bitcoin price reset. His prediction: BTC is still on its way to $100k-and continued trading between $30k and $50k will sort out the remaining “weak hands” over the next few months. Tapiero:
“Hodling is the only way to survive and thrive at BTC.“
Previous road maps for # Bitcoin point to 100k this year.
Ridiculous amount of negativity and hand wringing on this correction.
Eth still up 8-10x from last yr!
Another 3-4 months at 30k-50k # btc will exhaust remaining weak hands.
Hodling only way to survive and prosper in btc pic.twitter.com/XxQ5kPpfnJ
– Dan Tapiero (@DTAPCAP) June 23, 2021
That HODLN (holding on to an asset) can be worthwhile, show Crypto research Firm Santiment Referring to On-Chain Data:
“Those who stayed strong with Bitcoin during the crypto downturn were relatively rewarded compared to high-risk altcoin traders. BTC has fallen by volatility just -4.5% over the past 3 days, while $DOGE (-26.1%) & other alts have fallen hard.“
Crypto analyst @ Crypto_Ed_NL, on the other hand emphasisesthat the current upswing may be interrupted. Referring to the Elliott wave theory, he comments: Bitcoin is currently in the fourth corrective wave. That could soon take him to $ 35,000 to $ 36,000.
However, there could be another slide below $30k after that, the trader explains. A drop towards $ 27,000 would then be possible. By yesterday’s BTC bounce, however, he is “no longer so convinced” that it actually comes to this, as Bitcoin has demonstrated significant strength.
If Bitcoin manages to avoid further declines today, a renewed rise to $ 36,000 – and beyond – could be imminent.
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