The massive drop in BTC prices seen recently has made a lot of buzz in the crypto industry. Many consider this drop to be the end of Bitcoin as the leading token in the crypto world. During November, Bitcoin fell below 50K dollars and many investors, as well as coin holders, cashed out. However, some bullish investors held on for dear life. Fortunately, their faith in the coin was rewarded as BTC saw a hike and touched the 50k dollar mark once again. However, the prices have once again dropped to 47.5K dollars.
As pointed out by Peter Brandt, who also predicted the 2017 crypto top, the dip seems to have popped the BTC bubble. There is a lot of credibility attached to his tweet as he is considered one of the leading crypto experts and speculators. However, some analysts have pointed out the similarities between the current BTC situation and the condition of the market pre-2017 breakout. Based on these similarities, BTC, as well as the whole DeFi and presumably stock market, is bound to bounce back. Thus, there’s no need for bullish investors to lose all hope and cash everything out.
It surely isn’t easy for Bullish investors and BTC coin holders to persevere in market conditions like these. However, only those who could hold on during the pre-2017 breakout market condition were able to make large profits. The following months will be quite interesting for BTC holders as well as those who have a general interest in the crypto market.