The price of bitcoin (BTC) has recently plummeted below $40,000. At the moment, 1 BTC costs approximately 35 840 USD. Is this the definitive end of the Bitcoin bull market?
Bitcoin has been the biggest cryptocurrency since its release in 2009. It was created as a decentralized form of digital cash, which is why it has been so volatile and unpredictable throughout its short lifespan.
The BTC rate went below 40,000 USD during the morning of Indian time. Now, one bitcoin costs precisely $35,840. This is a 7.55 percent decrease from yesterday and nearly a 10% decrease from seven days ago.
Bitcoin price has dropped below $40,000 for the first time since October. Several recent headlines have pushed this drop in the mainstream media about Bitcoin. Notable ones include the SEC’s decision to delay a decision about the approval of bitcoin-based ETFs, as well as reports that China is considering banning cryptos altogether.
Altcoins have also seen a decline. ETH is worth $2,860. As a result, it lost 9 percent on a 24-hour basis and 13 percent during the week.
Michael Saylor of Microstrategy noted that “if you’re going to invest in #bitcoin, the short time horizon is four years, the average is ten years, and the right time horizon is #wieczność.”
In a tweet two days ago, analyst Michael van de Poppe pointed out that “the ultimate test for #bitcoin is the area between $38-40,000.” He stressed that maintaining this ceiling means a “bullish divergence” and a return to growth.
However, as the Bitcoin Fear and Greed Indexprofile shows, the mood on the exchanges is not great. Fear was indicated by the index indicator, which was at a level of 24. Theoretically, we have reached a point on the chart where it is worthwhile to invest in BTC. Of course, there is always the possibility of more declines.
Read Also: El Salvador wants to help local businesses with Bitcoin loans
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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