Bitcoin's price tumble is a blessing
Bitcoin
The crypto king is under selling pressure, and during its recent rally, it failed to break above the all-time high. However, traders need to keep one thing in mind, and that is that Bitcoin was long due for a correction. Any asset needs to have a healthy correction as it cannot continue to move higher forever. Once again, the current correction is a blessing for those who have missed the rally during which the cryptocurrency doubled from its previous high, a move from 20K to 40K. You know that whenever that cycle comes, and I am not saying that the current bullish cycle is over, the Bitcoin price can easily double in value. So even if the current bull cycle is, and from here onwards, we continue to see a gradual decline or an extended period of consolidation, the next rally could easily push the price towards the 80K price.
The fact that bitcoin violated the 30K price level will get attention from a lot of traders. Anything below 30K is likely to attract new buyers, and if the price drops below 25K, it will attract bargain hunters. And if, this is a big if, the.
Author
Naeem Aslam
Zaye Capital Markets
Based in London, Naeem Aslam is the co-founder of CompareBroker.io and is well-known on financial TV with regular contributions on Bloomberg, CNBC, BBC, Fox Business, France24, Sky News, Al Jazeera and many other tier-one media across the globe.
