The bear is strong and the bitcoin prices have been plummeting since last week. After rallying within the $32,000 and $35,000 bracket for a long time, the leading crypto coin dropped below the $32,000 mark on Tuesday, last week. Exactly a week later, today Bitcoin has dropped below the $30,000 mark.
The sell-off pressure is high and there has been no significant favourable decision that could provide impetus to the cryptocurrency market. Now, with Bitcoin dropping below $30,000, over 100 billion dollars have been cleared off of the market in less than 24 hours. The bigger question is if the market is heading towards another free-fall.
$25,000 the next stop?
Seasoned investors are prepared for all – the good, the bad and the ugly. Bitcoin has been dropping. The last time it dropped below $30,000 amidst the crash, the coin showed resistance and managed to pick itself up.
However, this time, it’s after a long struggle that the token’s prices have dropped below the $30,000 mark. And the recovery seems difficult amidst sell-off. Check other tokens including Cardano that has shed over 10% of its value in less than 24 hours.
With the signals available, though it would be early to say but not surprising if the prices drop below the $25,000 mark for Bitcoin. Experts have already been predicting a repeat of 2017 and have reasons. As China and other Asian governments up their efforts cracking down on cryptos, a further drop in prices are not unexpected.