Over the past 24 hours, the Bitcoin price dropped from $3,500 to $3,322 with a 5% decline against the US dollar. The abrupt decline in the Bitcoin price led the valuation of the total market to plunge by over $10 billion in a three-day span, leading the daily crypto news to a new negative narrative.
The decline was led by major crypto assets such as Bitcoin Cash (BCH) and EOS (EOS) which again managed to drop and just confirmed their unstable positions which started throughout the past week.
Despite recording intense sell-offs, Bitcoin managed to defend the $3,000 support level throughout the past three months, having strength at multiple occasions. However, now we can see a weakness in the short-term trend and according to some analysts, a fall to the $2,000 region is inevitable for BTC.
One of them was “Mayne” who is a popular cryptocurrency trader. According to him, Bitcoin could drop by another 50% from its current price if it fails to hold the $3,000 level. As he said:
“All bear market my feed is ppl getting bullish at lower highs and bearish after dumps. $BTC could drop another 50% from here but most of you are better off sitting out or waiting for longs. The time to short bigly was all last year. Daily close looks good if this level holds.”
Some analysts also suggested that no strong supports were formed below $3,000 which may leave the asset vulnerable to a steep decline if it falls below key support levels in the short term.
Bitcoin Investing: Over 50% Of Retirees In US Are Crypto-Aware
- I know bitcoin is, but am not interested in investing - 56.7%
- I already own some bitcoin - 2.7%
- I have no idea what bitcoin is - 32.9%
- I know bitcoin but don’t know how to invest - 3.4%
- I’m keeping an eye on it - 4.3%
“This audience represents some low-hanging fruit for the Bitcoin community to go after. Retirees are always interested in alternative assets that can help diversify their portfolio against market fluctuations.” “The IRS approving cryptocurrency IRAs is an indication that retirees are increasingly interested in including some cryptocurrencies in their retirement accounts.”For now, US retirees are active in traditional investments such as stocks, bonds and real estate - while Bitcoin investments are still on the rise. In contrast to them, millennials are far more open-minded when it comes to embracing new asset classes, as many best cryptocurrency news sites have reported. Baby boomers, on the other hand, are somewhere in the middle.
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“We’re struck by how long it took other asset bubbles to recover their peak levels (as long as 22 years for the Dow Jones Industrials) and how pedestrian the annualized returns from trough to the recovery often are.”He also went on to add that "crypto-bull contingents should consider what happens after the bubble–not every bubble that bursts recovers the old highs," saying that he believes that the current Bitcoin price analysis shows that just like other classes, BTC faces a slow and painful path to recovery. Featured on many best cryptocurrency news sites, Dennean's statement also likened the Bitcoin price "bubble" to the 1929 Dow Jones collapse, suggesting that it might take slightly more than two decades for the dominant cryptocurrency to reach its highs in the likes of $20,000.
"The argument here is that bitcoin has gone through its bubble phase and is ready to rise phoenix-like from the ashes just as other assets and indices did in the past,"In his Bitcoin price analysis, Dennean said:
"The argument here is that bitcoin has gone through its bubble phase and is ready to rise phoenix-like from the ashes just as other assets and indices did in the past."He also compared the rapid rise and fall of the Bitcoin price and warned the public:
"Maybe crypto-bull contingents should consider what happens after the bubble–not every bubble that bursts recovers the old highs."In line with the coming altcoin news which see a lot of coins as idle, the latest Bitcoin price analysis shows that there could be a possibility for a bullish run for BTC in the future - and all of this alone gives hopes to many traders and BTC price believers.
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