It seems that the fears of investors are starting to materialize. Over the weekend, Bitcoin continued to trade downwards, more specifically below $ 41,000. And every time that BTC tries to break above the level, bearish traders deliberately become more active in the market, thereby restricting the price below the 200 MA.
Some might say that it is foolish to compare the current scenario with what happened back in 2017-18, when Bitcoin collapsed after reaching $ 65,000.
But as we have seen in the previous weeks, it is apparent that just like in 2018, Altcoins soared after Bitcoin hit massive gains. Therefore, it is not a surprise that investors are concerned that the crypto market will crash, or at least trade sideways for many months.
Now, Bitcoin is in a bear market, and there is a high chance that its value will drop to $ 22,000. There are also no prerequisites for future growth. Obviously, only a new "adoption cycle" will bring cryptocurrencies back to a bull market.
Considering this, a lot depends on $ 38,750 today because a break above the level will set off a jump towards $ 45,700. Otherwise, Bitcoin will continue its downward trend, in which the value will reach $31,000, and then plunge to $ 25,750 and $ 21,600.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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