Bitcoin is a cryptocurrency which has gained a lot of popularity since its launch in 2009. It is a highly volatile currency which is controlled by its users and is not central like any traditional currencies. Bitcoin gives you full control over your money, and it cannot be controlled.
By Abdul Aziz Shahid
Recently, Bitcoin made a huge price drop all the way to $30,000 from $64,854 few days back, almost 50% price drop of bitcoin created alot of fear in the cryptocurrency market which is forcing people to exit with their investments, some claim it is the end of Bitcoin’s bullrun of 2021, due to this factor Bitcoin is gaining back its dominance and the other cryptocurrencies are falling with their prices.
As a cryptocurrency trader, my views about this whole scenario is that currently market is being manipulated entirely with every negative tweet and news which successfully contributed in Bitcoin’s price fall, and it made the market highly fearful, weak hands are being shaked by the large investors so that they can give more opportunities to buy Bitcoin for a lesser price.
Despite of all the news and negativity in the market, my analysis is that Bitcoin’s chart is almost exactly as it was in 2017, there was a huge price drop in its price and then the whole scenario lead to a huge bull season of cryptocurrency. It is safe to say that Bitcoin has one more chance to create its all time high price and start a bull market similar to 2017.
If we talk in numbers, bitcoin still has a chance to reach around $56,000$ – $62,000, once bitcoin reaches that area then it’ll be a crucial point for the bulls because if bitcoin fails to break $64,000, then the crypto market will become a bearish market and investors will make strategies to exit the market with their profits.
On the other hand, if it breaks $62,000-$64,000 price and goes up to make its all-time high, then it will initiate a great bull market and Bitcoin’s potential will ultimately be to cross $70,000 and above till another correction.