- Bitcoin hit all buy zones dip.
- Will Bitcoin surge to $48,000 again?
The price of bitcoin dropped to a new low, sliding to $38,658 per unit during Wednesday morning’s trading sessions.
As cryptocurrencies stumble to regain their footing, investors have one key question. Will Bitcoin surge to $48,000 again?
According to a crypto educator and market analyst, Bitcoin hit all 3 buy zones. While a few analysts think bitcoin could sink much lower than today’s current values ($39,540 at the press time), few see BTC bouncing and hitting new highs again.
The crypto expert known as IncomeSharks posted on his Twitter:
— IncomeSharks (@IncomeSharks) May 19, 2021
This latest dip looks similar in scale and timing to other drops endured following the 2012 and 2017 halvings. Furthermore, the crypto analyst said he would hodl. Also, he noted that he would wait to see Bitcoin hit $48,000 again.
Last month, another crypto analyst tweeted saying that nothing goes up in a straight line. More so, he said Bitcoin has gone up 6 months in a row. Therefore correction is standard.
A fall of 20% or more from highs is said to prove a bearish shift in the broader trend in traditional markets. However, the current bear market definition does not work in cryptos, where pullbacks of 30% or more are pretty ordinary during a bull run.
In addition, Bitcoin is trading at $40,327 at the time of writing, according to CoinMarketCap.