Bitcoin and the entire crypto market are back in the red having broken the critical support at $38,000 with many Altcoins posting double-digit losses. Is this the end of crypto? Is this the beginning of a bear market?
In the latest online video, Joe Parys, a famous crypto entrepreneur and Youtuber, updated some of the bad news and good news in the crypto market.
Bad news
The first bad news happened with Bitcoin (BTC) dropping 17% last week. Ethereum (ETH) has dropped 24%, Cardano (ADA) 14% and Solana (SOL) 30%. Bitcoin is falling really hard and if we break that $38,000, $33,000 will come.
If we break $30,000 we will probably go to $25,000 and if we break $25,000 we will probably hit $20,000. and if we break $20,000 we will hit $10,000.
BTC Price Chart | Source: Youtube
There are two main reasons:
- Reason #1: The Central Bank of Russia is proposing a comprehensive ban on crypto mining and trading, and prices have now fallen to the most oversold levels on the rsi since the March 2020 crash.
- Reason #2: The SEC is rejecting MicroStrategies’ Bitcoin accounting. MicroStrategy is one of the largest Bitcoin holders. But the SEC is not happy about how they report their profit and loss with Bitcoin.
Good news
The good news here is that we’ll give it back. It may take longer than previously thought. The time of the sale is where the biggest opportunities can be. If you can get the right projects early even now in the fair market. This is where honestly you can get some huge numbers.
Joe confidently says: “Now that sounds crazy to say that I totally get it and always have that opportunity in the long term. I believe that by the end of the year, we could see a $100,000 worth of Bitcoin even by the end of the year.”
Joe can say it with confidence because there are so many fundamentals, basically nothing has changed with so many of these cryptocurrencies. It doesn’t change anything. There are some really powerful indicators for strings. But why did the price drop? Prices are falling not only in cryptocurrencies but also stocks. It means that this is a general condition and traders can exit it when the market recovers.
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