Saturday, April 13, 2024

Bitcoin’s behaviour at $47.5K, according to analysts, is similar to the pre-breakout 2017 market.

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.

The Data

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.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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