Since the last ATH, Bitcoin’s price has fallen by more than 25%
Red Sea in the crypto medium with Bitcoin pulling all the other crypts down. The price of BTC falls 9% in the last 24 hours and drags the other crypts. The TOP10 in Market Cap on the market fall between 11 to 18% following the largest digital currency in the world.
We see that since ATH at $ 65 thousand, Bitcoin has lost more than 25%. This translates into an outflow of over $ 150 billion in market value.
The global market cap for all crypto also drops and loses the $ 2 trillion benchmark, now standing at around $ 1.84 Tri.
Is it a good point of purchase?
Let’s go to a bit of Bitcoin history …
Some negative news about heavier regulation of large crypto Exchanges, there was energy bidding with the mining companies,… Anyway, regardless of the reason, BTC has been stretched since the end of last year. Needs a correction.
In the worst case, we begin to see a trend reversal.
The last big Bear Market was in 2018 when the price dropped nearly 80% since ATH. It was a drop from the $ 20,000 high to around $ 3500 – heavy for those who lived.
If it is the beginning of a Bear Market at that level, we can calculate a correction pattern at 70-80% of the new ATH (around $ 65k). That would drop to as little as $ 13-15k. (It will be?)
We currently have a 25% drop and if it reaches a 50% drop, there would be nothing unusual.
Continuing to fall, the next support is around $ 45,300.
Returning to the more pessimistic scenario of a 75% drop: The analyst that talks to you does not believe it will go below $ 20k ever again. But the market is in charge. As we have always said:
Financial market is not an exact science!
The feeling is that whether a reversal happens or not, in the long run, we will see Bitcoin at $ 100k – $ 200k – $ 500k.
The market takes away from the anxious and gives it to the patients.
Important note: The gold market is worth about $ 10 Trillion – If BTC’s market Cap ever reaches that level, we will have Bitcoin at $ 500k.
Do you believe that?
– It’s impossible to know.