Bitcoin has been playing hide and seek with its resistance packages as it was going up and down $55K and even all the way to $50K while managing to rebound afterwards. This continued for several weeks until Bitcoin stabilized itself over $55K, and everyone thought that the series of market corrections are now over and Bitcoin, along with the crypto market, are finally stable. But then came the biggest crash of them all that sent Bitcoin dropping more than 17%. Apparently, crypto analysts were wrong about corrections being over for Bitcoin and the crypto market because, as it happens, these are only just getting started.
Despite all the tumble and plummeting of the price, a crypto analyst by the name of PlanB is still hopeful that Bitcoin will catch a bullish run and it will be able to catch it soon. The whole market is down as Ether has lost its $4K dominancy and is now falling below it consistently. Liquidation has become a common aspect across the board as investors are not feeling grand putting any more money into a sinking ship that is the crypto market at the moment.
Many investors are afraid to the point that they don’t want anything to do with Bitcoin or decentralization in the future, and they’re hoping that this cruel wave of corrections is over for them sooner than later. It appears that the volatility aspect, which many investors and traders have hinted about before regarding the crypto market, is indeed correct; it is the most volatile financial market out there. Despite all of this, the developer of Bitcoin stock to flow valuation model, Plan B, thinks that it is not too late for Bitcoin and it will be hitting the $100K mark by the end of the year.
Such optimism is lost on many investors and traders as they are planning to draw their money and investments from the crypto market as soon as possible. It is not apparent whether Bitcoin would be able to rebound strongly after the corrections are gone, or it would just sit there trying to overcome its price resistances.