As Bitcoin sank to new lows in the first month of the year itself, the bear is still in control of the market and many investors and people have used this to get into the crypto market.
The poster boy for cryptocurrency, Bitcoin hit its lowest point at $32,967 and is the lowest since July 2021. It made a 10% recovery and was at $36k shortly after. This was against the $100k price projection that the coin was supposed to hit by the end of 2021.
With China and Russia banning cryptocurrencies altogether has been a major blow to the crypto scene. They had a large base of crypto enthusiasts that were involved, from buying coins to minting and harvesting them too. China has banned all crypto-related activity while Russia plans to do the same.
These are some of the most densely populated regions in the world, with a concentrated group of crypto enthusiasts. A ban here made Bitcoin enter a bear market.
John Bollinger of Bollinger Bands says that it is time to think about a bottom point in cryptos. This will help new and experienced investors as they can buy on the dip and also help maximize profits. This will also test the resilience of stablecoins and altcoins alike.
If you have been planning to get into the crypto market, right now is the best time to do so. With the bear market in full swing, you’ll get the lowest prices for these coins and also make profits when it starts getting bullish.