- Bitcoin tanks 30% in the wake of its 10-year anniversary.
- Bitcoin bulls return to the market; Bitcoin price brushes shoulders with $4,600.
Bitcoin critics are having a good time gloating and celebrating Bitcoin recent turmoil. The asset turned 10 years old at the end of last month. However, there is a lot that Bitcoin is yet to achieve.
The recent declines in the market have sent Bitcoin to the floor, dropping 30% in a month to trade at $4,200. Moreover, in the last 6 months, the King of digital assets plunged a whopping 50%.
The overpowering drop has been linked to the panic surrounding one of the most controversial hard forks in the industry, Bitcoin Cash. The network split into Bitcoin ABC and Bitcoin SV. The two chains are still in a tag of war, recently termed the Bitcoin Cash hash war.
While it may be easy to blame the crash on Bitcoin Cash, some experts say that Bitcoin was heading for the bottom owing to the bear trend that has dominated the market since the beginning of the year.
Bitcoin critics like warrant buffet, Jamie Dimon and Nouriel Roubini have always thought less of the asset’s existence and impact to the global economy. Some have called it illegal while others say that soon it will be valueless. However, it is important to realize that Bitcoin does not depend on any of those critics to function as a currency and medium of exchange. Besides, although they had started with the last laugh, their celebrations have suddenly been cut short following a correction after Bitcoin bottomed out at $4,200.
At the time of writing, Bitcoin is up 3.4% on the day and trading marginally above $4,500. The crypto has traded highs slightly above $4,600 but declined due to the bear pressure still in the market. One thing that is clear is that buying activity is present. Technicals are looking good in the short-term. Likewise, the next target is at $5,000, which will allow the buyers to come out of the bear range.
Read more:
- Bitcoin hits the bottom: Should you trust this reversal?
- Bitcoin Cash mining losses blow the roof off: Bitcoin (BTC) mining is more profitable
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