Bitcoin prices have fallen by 10% overnight, and now it has been degraded 40% from its highest. It happened on 19th May 2021 that bitcoin experienced a fall in its prices, and because of this, it has entered into the bear market. Such degradation in the prices of bitcoins had led to unrest in the bitcoin investors, in many of them are unaware regarding what to do. Well, in order to understand this, it is essential to know about what is going to happen next.
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Bitcoin goes down, but what to do?
It is a well-known fact that bitcoin is a highly speculative asset, and it is a new technology-driven medium of investment. It is technology-driven money, but if we look at the picture clearly, it is nothing else but a bubbly asset. As bitcoin has entered the beer market, it is going to experience the opposite of what we call emotional intensity. People believe that bitcoin is something that is associated with FOMO, but now it may go with GMOOTT (get me out of this thing). It is going to create a high degree of denial and fear among the ones who are holding bitcoins.
People had a perspective like bitcoin will touch the $1 million mark, but now, the perspective has been switched to it’s finished, bitcoin is over. At this point in time, when bitcoin has reached $30,000, it will further go to $20,000. You might be thinking that $30,000 is a good price, but you may also feel like it was not when the price would further go lower. Well, in order to deal with such equations, you should practice a very advanced and tried strategy which is holed. Holding is considered to be the best strategy because it always proves better than any other, and there are chances that bitcoin will hit its highest price again and will further rule the cryptocurrency market soon.
Technical analysis of further fall in Bitcoin Price
Before anyone went to bed last night, bitcoin was $43,500, and it fell about $5000 (i.e., 10%) Overnight. Many analysis sites like Bitcoin Fast Profit were predicting that if bitcoin does not sustain the $42,000 mark, it will go even as low as $30,000. After that, bitcoin got lowered to $30,000 and as low as $20,000. It was the last old highest price of bitcoin in 2017, and it was also considered to be the monumental price point. As bitcoin is going low, a lot of things are going to happen in the economy.
The financial Times, BBC, the economist, and many other news giants will be all over the bitcoins, but there are a lot of scams that will be exposed. Along with it, the technology will also improve. According to the statistics and the price fall and rise experienced by bitcoins, you must consider one simple strategy. As and when you feel like bitcoin is over, you should buy it. If you are exchanging bitcoins for a Fiat currency, remember that you are settling follow. You will buy an inferior currency in exchange for superior currency, and that will not be a good decision of yours.
Elon Musk and Bitcoin
There is a very widespread misconception among people that bitcoin is controlled by tweets of Elon Musk, but that is not true. You need to be well aware of the bigger picture as there are bigger forces in the game. It is a new technology, and it is behaving exactly like what technical stocks do. Therefore, the rise and fall in bitcoin prices will continue over the years, and you need to practice the strategy that you are doing right now. It was a period when since 2008, the technical stock was taking over the real stocks, and therefore, people were considering it as a bull market for cryptocurrencies. Now, the game is reversed. The real stuff is getting in the power again, and it will go on for a few years, and then, the game is going to change again.
For now, the real stuff is also not in power exactly because, due to the Covid, the things are not working in its favor. The market is going low for every asset, and it is not a good sign for the economy. The degradation of bitcoin prices is nothing else but the rotation of powers between the real stuff and digital stuff. After years, different things come into power, and the game keeps ongoing. As far as bitcoin prices will go Low, it will be in the news, and due to this, even a small rise in its price will further initiate into entering the bullish bitcoin economy. This may lead to bitcoin getting in power again.
