Bitcoin
Bitcoin in free fall! Crypto is heading towards $54,000!
12:03 pm ▪ 3 min read ▪ by Eddy S.
Bitcoin, the renowned cryptocurrency, is currently experiencing severe turmoil. After reaching nearly $63,500 on May 10, BTC suddenly plummeted by more than $2,000 in just an hour. A strong downward movement in the crypto market that raises concerns about an extension of the bitcoin correction.
BTC’s thunderous fall
A lightning crash in bitcoin, as spectacular as it was unexpected. In just 60 minutes, the queen of cryptocurrencies went from a price close to US$63,500 to a low of US$60,308. That’s a staggering drop of over $2,000 in BTC during the trading session! As a result, the liquidation of bitcoin positions has been occurring at a frantic pace, forcing numerous investors capitulate in crypto markets.
While this increase in volatility in the Bitcoin market was predictable at some point, its suddenness caught many by surprise. In the space of just an hour, bitcoin managed to capture the most optimistic crypto investors. Those who bet on BTC’s upward momentum continuing beyond $64,000 paid a heavy price. No less than US$127 million in long cryptocurrency positions were liquidated!
Is $54,000 worth in Bitcoin’s sights?
Some experts believe this sharp retest of a downward move in bitcoin was necessary, even inevitable, in the crypto market. Like Michaël van de Poppe, renowned crypto analyst, who speaks of the “last accumulation phase” with exacerbated volatility for BTC. For this expert, bitcoin’s “flash crash” is just bringing the crypto back to a crucial support zone. But if that doesn’t happen, Michaël van de Poppe is already quite pessimistic, estimating that “BTC correction could then take us to $52-55,000.”
Temporary crisis of confidence or warning before the storm? Bitcoin’s sudden drop, occurring in a general climate of risk aversion, is fueling questions in the crypto market. While some experts see this as a simple and healthy retest, others fear a sustained challenge to BTC’s uptrend.
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Eddy S.
The world has evolved and adaptation is the best weapon to survive in this universe. Crypto community manager at the base, I’m interested in everything you touch on the front or back of the blockchain and its derivatives. In the option to share my experience and make you aware of a domain that I am passionate about, it is good for you to read informative and contract articles as you go.
DISCLAIMER
The views, thoughts and opinions expressed in this article belong solely to the author and should not be considered investment advice. Do your own research before making any investment decisions.