Another shocking news has left the Bitcoin enthusiasts, investors and traders surprised and somewhat worried as the price of the flagship crypt is now below $40,000. This is a challenging time for Bitcoin investors and traders there is no certainty regarding a surge in the price of BTC at the moment.
In recent news, almost 1 million inexperienced BTC investors let go of their Bitcoin holdings when the price of the cryptocurrency went below $42,000. The leading cryptocurrency in the world now stands at $38,206 (at the time of writing), which has led to a slight state of panic.
Despite the continuous decline in Bitcoin’s price, some analysts are still optimistic of a surge in the cryptocurrency’s price, which is encouraging for long-time investors and hodlers of BTC. If you are also looking to step into the world of crypto then investing in Bitcoin can be a suitable option, while keeping an eye on the market trends.
Drastic Drop in BTC and ETH Prices
After reaching as high as $64,000, the price of Bitcoin has been on a rollercoaster and is now at a price below $40,000. This has been the lowest point for the cryptocurrency in 14 weeks and people are worried as the future remains uncertain.
Here is a graph of BTC’s price according to CoinGecko.
According to the data shared by CIO at Moskovoski Capital, almost 22,917 Bitcoin was transferred within an hour to centralized exchanges. He also stated that the inflow observed within the hour was the largest since the “Black Thursday” crash that occurred in March 2020.
Bitcoin is not the only digital currency that plunged beyond expectations. A decrease in Ethereum’s price has also been observed, which is now below $3,000 ($2,728 at the time of writing).
The overall fall of cryptocurrencies in the crypto market has been noted over the past few weeks, leading many to worry regarding their funds and the future of the digital currency industry.
Why BTC Investors and Traders Should Be Hopeful?
Regardless of the downward momentum of the crypto market, the BTC investors and traders should not be worried for several reasons. A few analysts believe an increase in the price of Bitcoin is yet to be seen.
According to analyst Lark Davis, the decrease in BTC’s price has pushed its 14-day relative-strength indicator into oversold territory, which can indicate a cease in the crash.
Others are of the view that selling of the flagship cryptocurrency will soon be exhausted after which the upwards momentum of BTC is likely to begin.
In other news, India might rethink its crypto ban, which has also been seen as positive news by Bitcoin enthusiasts and analysts.
Therefore, if you are a BTC investor you should consider holding on to your BTC . On the other hand, if you have yet to invest in the cryptocurrency then you can do so on popular exchanges like SwissBorg or Kraken.
You can also ultimately consider crypto trading and become a full-time trader by using top exchanges such as ByBit. Novice parties and people with demanding schedules can also opt for copy-trading by using PrimeXBT Covesting.