Bitcoin’s price has been a significant talking point for the cryptocurrency space, with the world’s largest cryptocurrency falling drastically over the past week. Despite this bearish atmosphere, some cryptocurrency analysts predict that Bitcoin will rise from the ongoing slump sooner or later.
Famous cryptocurrency analyst, CryptoBull recently tweeted that the Bitcoin market was about to go through an impending bullish crossover soon. According to the charts, the last time Bitcoin’s 50/100 week MA went through such a phenomenon was when the price was down by $430, a 62 percent fall from the all-time high.
Bitcoin lags being by over 60% from its all-time high
Looking at the numbers right now, it is evident that the cryptocurrency is again lagging behind the all-time high by 62 percent. The common factor stretched beyond that because both the above- mentioned events occurred a few months before individual chronological halvings.
When the price had fallen below $430 at the start of 2016, it was just a few months before the second Bitcoin halving. This time around the price fall has occurred six months before the third Bitcoin halving, slated to occur in May 2020.
The bear run has not just affected Bitcoin but the entire cryptocurrency market as well, and the situation is reminiscent of what happened almost exactly a year ago. In 2018, the price of Bitcoin fell drastically from close to $10,000 to later settle between the measly range of $3000-$4000.
At press time, the value of Bitcoin had not stopped falling for almost 24 hours as the cryptocurrency was trading for $6971.46. The market cap had dropped by more than $20 billion in a week to settle at $125.91 billion, while the 24-hour trading volume was $31.02 billion.
Looking at the 7-day time frame, it was clear that BTC had fallen by approximately 19 percent, a figure that was boosted by the events of the past 24 hours. The current price range is a six-month low in Bitcoin’s price record, and some members of the community feel that China’s latest crypto decision kickstarted the fall.
Just recently, the People’s Bank of China’s Shanghai headquarters stated that it would be tackling the growing number of criminal cases around digital assets. The bank also warned investors that they should not confuse cryptocurrencies with blockchain technology.
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