Bitcoin Price May Plunge Below $10K
Bitcoin price, along with most of the crypto assets experienced a roller coaster ride since the early trading hours. The BTC price movement was historical as it registered the daily high above $43K and the daily low close to $30K.
Despite undergoing one of the most lethal corrections ever, BTC price appears to have gained bullish momentum. The price currently has regained the lost positions very close to $40K and may eventually end up recovering the losses due to the market correction.However, one of the popular analysts still believes the bearish trend is expected to continue.
The #Bitcoin Bear Market has a long way to go.
We're currently in the "Bull Trap" phase, and will likely see some sideways/green price action as people buy the dip.
Once enough buyers are suckered in again, we will continue crashing. My targets are under $7K by 2022. pic.twitter.com/PH7l13KFKV
— Mr. Whale (@CryptoWhale) May 19, 2021
Moreover, the analyst, Mr. Whale has also predicted that the price may tank drastically in 2022. He added that the price may slash to much lower levels below $10K, probably $7 by 2022 after a decent period of accumulation.
Also Read: Huge Crypto Bonanza Sale, What Assets Will You Buy At The Dip?
But, Why The Market Underwent A Temporary Collapse
The entire crypto space tanked to the lowest ever possible levels marking the deadliest plunge ever in history. On the other hand, Bitcoin and Ethereum, slumped to much lower levels. But why did the market collapse?
Dylan LeClair, the founder of 21stParadigm with a series of tweets explained why prices were slashed.
First off, bull market corrections of 25-30% are completely normal and expected. All it takes is a look at 2017 for multiple such instances.
— 🟠Dylan LeClair🟠 (@BTCization) May 19, 2021
According to the analyst, the market was already over heated including the profit extraction. Most of the traders liquidated their holdings probably falling into the trap of FUD and atlast threw the mocktail cocktail on Elon Musk. The analyst mentioned a summary of today’s happenings and said huge longs were liquidated dragging the price to new lower levels.
Collectively, bitcoin price rally seems to have right in its place as the price is close to $40,000. The recovery made was a remarkable one, and hence the role of bulls and whales also cannot be ignored. Therefore BTC price is expected to regain lost position above $40K and eventually head towards the next set target close to $50k.