Bitcoin and the entire cryptocurrency market are back in the red breaking a key support level of $38,000 with many Altcoins in double-digit losses. Is this the end for cryptocurrency? Is this the beginning of a bear market?
In the latest video, Joe Parys, an entrepreneur and a famous Youtuber in cryptocurrency, has updated some bad news and good news throughout the crypto market.
Bad News
Bad news goes first with Bitcoin (BTC) being down 17% last week. Ethereum (ETH) has been down 24%, Cardano (ADA) 14%, and Solana (SOL) 30%. Bitcoin is crashing really hard and if we broke that $38,000 level, $33,000 is incoming.
If we break $30,000, we’re probably going to $25,000 and if we’re breaking $25,000, we’re probably going to $20,000. and if we break $20,000, we are going to $10,000.
BTC Price Chart | Source: Youtube
There are two main reasons:
- Reason number 1: Russian Central Bank is proposing a blanket ban on crypto mining and trading and the price has now fallen all the way down to the most oversold that has been on the rsi since the march of 2020 crash.
- Reason number 2: The SEC is rejecting MicroStrategies’s Bitcoin accounting. MicroStrategy is one of the biggest holders of Bitcoin. But SEC is not happy about how they’re reporting their gains and losses with Bitcoin.
Good News
Good News here is that we will bounce back. It may just take a lot longer than what we all previously thought it was going to be. The bearish times are where the greatest opportunities potentially could be. If you can get into the right projects early even now during the fair market. This is where honestly you can get some massive numbers.
Joe said confidently: “Now that sounds insane to say I totally get it there always is that chance in the long term. I believe by the end of this year, we potentially could see a $100,000 Bitcoin even by the end of the year”.
Joe can say that confidently because there are a lot of fundamentals, nothing fundamentally has changed with a lot of these cryptocurrencies. It’s not changed at all. There are some really strong indicators for on-chain. But why is the price going down? The price is going down not only in crypto but also in stocks. It means that this is the general situation and traders can get out of it when the market is recovered.
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Read more:
- Bitcoin Price Fell Through $35,000, El Salvador Continues To Buy The Dip
- Bitcoin Price Falls Below $37,000 And This Is Probably One Of The Reasons