If Bitcoin’s fall grom $62,000 to the risky $30,000 mark seems frightening, then buckle up: Some experts believe it could get even worse… … And if conditions remain the very same, that is most likely to be the case.
The sharp drop from $60,000, the arrival of the infamous death cross, the problem coming out of China, and the lack of institutional hunger seem to be acting together to keep a bearish state of mind in the markets and preparing for a harsh, cold crypto winter season.
Brace yourselves… … Crypto Winter is Coming
In a declaration compiled by The Wall Street Journal, DailyFX analyst Peter Hanks said that it is simpler to see red candles than green on price charts for the foreseeable future.
“I think bitcoin is certainly headed for more losses here … … If it breaks [below $30,000], then crypto winter season is definitely back on the docket.”
Bitcoin bulls have been able to hold the $30,000 price line, even though some bearish attempts have actually been worthwhile and rates have briefly dipped below this zone. However, for the time being, $30,000 has actually cemented itself as strong price support.