Tuesday, July 27, 2021

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    How long will the bear market last?

    Key facts:
    • 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

    Chart of bitcoin price variations in recent weeks
    Bitcoin prices formed triangles between the price range of USD 30,000 to USD 40,000. fountain– TradingView

    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of the lowest rectangle, which coincides with USD 30,000 when prices are traded in the middle of the rectangle and withdrawn from their upper trend line resistance.

    Bitcoin price chart showing downtrend in box
    Bitcoin prices are displayed in a rectangle. fountain: Twitter / Peter Brandt

    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.

    Bexplus offers ether price prediction, vechain and of XRP to help users keep up with the cryptocurrency industry.

    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?

    No one can say for sure if tomorrow a bear market or a upside market would be in this ever-changing crypto market. For retail traders, visible profit is the most important thing, so it’s wise to choose an exchange where you can still win just by holding.

    From this point of the day, Bexplus it will satisfy your need. It is one of the leading cryptocurrency derivatives trading platforms with an interest-earned wallet. With a annualized interest rate of up to 21%, it is a certainty for traders to get high profits without risk. For example, 1 BTC will increase to 1.21 BTC after depositing it in the Bexplus wallet. Isn’t it more rentabdo you put your money in a bank?

    Bexplus will also be a trusted platform for your future operation when you are ready to open a short or long contract.

    Introducing Bexplus:

    100X leverage

    Bexplus offers a leverage of 100X, which means that if you open a contract with 1 BTC your contract will be worth 100 BTC.

    Bexplus promotional banner and its 100x leverage

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    No withdrawal limit

    You are allowed to retire your asset anytime you need it. That is, you can withdraw your asset even after a few seconds of putting it in the Bexplus wallet.

    Demo account

    Trading simulation is for traders as a drivers license for drivers, only practice can avoid losses due to lack of experience. On Bexplus, 10 BTC is offered on the demo account, allowing you to practice and test your strategies.

    Availability and accessibility

    Services are available and accessible in more than 200 countries, including the U.S., Iran, Japan, and Korea, and users can enjoy 24/7 customer support.


    Bexplus offers users a 100% bonus for each deposit. It means that if you deposit 1 BTC, you will get 2 BTC. By analogy, the more you deposit, the more you earn.

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    Disclaimer: The content and links provided in this article serve informational purposes only. CriptoNoticias does not offer recommendations or legal, financial or investment advice, nor does it replace the due diligence of each interested party. CryptoNews does not endorse any investment offer or similar promoted herein. For more information click here.

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