By Hassan Mehmood (Saudi Arabia)
Generally, the past couple of weeks haven’t been the brightest for Bitcoin and the crypto market; there has been a lot of volatility and in a lot of places too. Bitcoin did surpass the $50k target by hitting the $58k streak and then began the ultimate downfall, but still, the hopes of the market picking up with the bullish trends were there. Well, it did rebound on various occasions back to above $50k, but then again, the fall became the fate, and currently, Bitcoin is having a hard time picking up with the $50k target.
As they say, it is not the fall that kills you; it is the landing, and currently, Bitcoin’s fate remains in free fall as investors who had put a serious amount of money on this crypto in hopes of it achieving 50k+, but that didn’t happen.
What are Traders Looking for Now?
As it did not pan out in terms of breaking the $48k resistance and has dropped down even low, the investors are now questioning whether they should continue to invest in Bitcoin or stop that altogether. It is evident from the market data charts, and all that Bitcoin failed to break the $48k resistance and is now opt to keep its reigns for the $46k, but should it fail to do that as well, then it would open borders for more lows overall and further hard time by Bitcoin. This might even break the Bull Run, which has been in place for about a year. If this happens, then it is going to hurt a lot of people in a lot of places.
According to the experts, if Bitcoin fails to keep above the $46k price, it might go for an even bigger drop, which would classically make it fall to a price limit of $38k-45k, which is not reasonable, provided how much money investors have poured into the cryptocurrency. One can only hope that the bullish run will continue, and Bitcoin might be able to pick up the pace with the $46k breakpoint, but if it doesn’t, then the crypto market might go into a deep tumble.
Currently, Bitcoin is trading at $48,534 after a slight decrease of 0.85% in the past 24-hours.t
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