The BTC price has taken a major hit in the last 24 hours as it has plummeted below $30,000. This is the lowest it has been since Jan 5th when the daily candle closed at around $31,000. According to popular trading platform, the daily candle has turned bearish, adding to the downside pressure on BTC prices.
Despite the recent downward trend, some analysts are still bullish on the future of Bitcoin and are predicting a healthy upside momentum to follow. Chief Technical Analyst at Kraken Futures, Denis Vinokourov, commented “I don’t think the fundamental long-term bullish trend has been broken. It seems more like consolidation before price heads higher”.
Other analysts are more pessimistic about the short-term outlook and advise that this is part of a wider correction in the cryptocurrency market. Craig Erlam, an analyst at OANT Capital, said, “It appears the days of double-digit returns in Bitcoin and crypto are over and we should prepare for a more volatile and chopper market”.
Since hitting the all-time high of $61,000 in April. Bitcoin is now down more than 15% and it appears that it is entering a period of consolidations. What remains to be seen is if this is the start of a bear market or if it is just a minor pullback before the market picks up again.
Unfortunately, the Bitcoin bulls’ joy was short-lived as the new yearly highs were replaced by a trip to the new July lows.