- Bitcoin market standing continues to fall in bearish territory
- Crypto mining farms crackdown and Elon’s Bitcoin carbon mining concerns affect Bitcoin bearish price
Bitcoin market standing continues to fall in bearish territory. For this reason, Bitcoin recorded a decline rate of over 4.5% in the past 7 days. With this, we can say that Bitcoin nowadays is not in good shape to attract investors. Furthermore, this bearish price standing of Bitcoin also affects other major cryptocurrencies in the crypto market.
This made PlanB, a Bitcoin enthusiast, react in a tweet post:
Bitcoin is below $34K, triggered by Elon Musk’s energy FUD and China’s mining crack down.
There is also a more fundamental reason that we see weakness in June, and possibly July. My worst case scenario for 2021 (price/on-chain based): Aug>47K, Sep>43K, Oct>63K, Nov>98K, Dec>135K pic.twitter.com/hDONOVgxH1
— PlanB (@100trillionUSD) June 20, 2021
Furthermore, PlanB forecasted the price of Bitcoin in the remaining days of the year. “ There is also a more fundamental reason that we see weakness in June and possibly July. My worst-case scenario for 2021 (price/on-chain based): Aug>47K, Sep>43K, Oct>63K, Nov>98K, Dec>135K,” he said.
On the other hand, the news about the issues faced by Bitcoin lately greatly affects the crypto price. For instance, the continuous shutdown of Bitcoin mining farms in China and Elon’s Bitcoin carbon mining concerns. These are just some of the examples that pull down the price of Bitcoin.
However, Bitcoin remains solid despite the challenges faced by the crypto lately. In fact, the crypto was able to surge its price above its resistance level of $40k in the past few days. Today, Bitcoin trades a decent price of $34k with a market cap amounting to $634 billion.