Bitcoin Price Slumps Drastically, Is It A Indication Of A Bear Market?

Bears Overshadowed The Bulls Declining Bitcoin Price

The crypto space relies on the rounds of positive and negative market sentiments which in turn impacts the price is a known fact. Yet many assets, now-a-days had showcased a sense of stability by minimizing extreme volatility. Bitcoin price after the recent March 2020 crash, followed a slow yet steady approach and despite market fluctuations, stood strong above $50000.

However, the FUD in the crypto space always drags the stability by declining the value of the asset notably. A similar instance occurred in the early trading hours and the ‘baddie’ is said to Tesla CEO, Elon Musk. Yet, other than this, the founder of The DailyGwei and ETHHub, Anthony Sassano list out the possible reasons for the steep drop.

According to him, many more negative feeds outspread the market in the past week. And hence one should not be surprised if the bears outpowered the bulls and dominated the crypto space.

Also Read: Altseason 2021 May End Very Soon, Predicts A Popular Analyst

Wait, Today Is Not That Day!!

While the entire crypto market is trembling down and revisiting the more possible lower levels, it may be speculated that the bull has come to an end. A similar view of the 2018 and 2020 like crash can be viewed in today’s crash, which may point towards a market crash.

Yet some believe the current dip is just a correction which will bounce back very soon. One of the popular analysts, Lark Davis believes that some day one will stop buying at the dip as the entire market will not rise after the dip. But he also made it clear that today is not that day.

 

Therefore, the analyst points out the probable rebound the crypto market may experience shortly. Many assets including Bitcoin price may rise, recovering the losses.