Chinese government crackdown on Bitcoin mining in the country, caused the price to fall.
Experts expect the bear market to hold for a while due to the bearish technical pattern.
According to CoinDesk, the price of Bitcoin has remained between USD 30,000 and USD 42,000 since the end of May after its peak of USD 65,000 in April. The plummet sows panic among traders. While optimists intrinsically believe in the value of Bitcoin and predict the arrival of a bull market.
The reasons that led to this dilemma were multiple and complicated, but the Chinese government’s crackdown on Bitcoin mining in the country, where 50% of mining groups are located, caused the drop.
Bitcoin price tends to retest USD 30,000
Although it was delayed for weeks, some experts expect the bear market to hold for a while due to the bearish technical pattern. Some claim that the price of Bitcoin would likely drop to USD 30,000 according to a structure known as SymmetricAl Triangle, which indicates that an asset always fluctuates between two converging trend lines. In this triangle, the price of Bitcoin will not increase to the lowest point probably at USD 30,000
In addition, Peter Brandt, chief executive officer of Factor LLC predicts a decline with a rectangular pattern showing BTC/USD exchange rates. The BTC/USD rate shown would normally fall to the support level of the lowest rectangle, which coincides with USD 30,000 when prices are traded in the middle of the rectangle and withdrawn from their upper trend line resistance.
Also, other technical indicators suggest the fall in the price of Bitcoin, such as Bollinger bandwidth. One common point they share is that the price of Bitcoin tends to reach a new low of USD 30,000.
A market upside is on its way
Even though the pessimistic prediction is dominant at present, veteran traders see the upside market along the way. Experiences tell them that when it spins, it spins fast. They believe that, although dangerously close to a bear market, it could easily be upside again.
One of the main indicators behind their belief is that institutional investors are increasingly looking to take BTC as a financial investment, taking advantage of the opportunity to buy currencies at a lower price within the range of their risk tolerance.
“The may price drop was dramatic, while the reaccumulation on-chain of Lyou bitcoins sold in that recession to longer-term forks have occurred during eight weeks of sideways price action.”, Sean Rooney, head of research at cryptoassets manager Valkyrie Investments, said in an email to CoinDesk.
How to secure profits in a volatile market?
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