Bitcoin price tanks drastically below $40,000 for the first time in 14 weeks, indicating a probable bear market
Many believe the price may further plunge close to $30,000 before a massive rebound towards the levels around $60,000
On the other hand, if the bulls do not regain the control, the possibilities of the price revisiting the March 2020 levels are also high
$30K Incoming For Bitcoin Price
The bitcoin bull run seems to have halted and flipped into a bearish divergence as the bears have taken complete control of the market. The BTC price that experienced a couple of drastic pull back, mainly due to Elon Musk, slumped to the lowest levels since the first week of February.
Yet the price currently has no room for a healthy bounce back and may tank to more lower levels probably to $30,000.
However, the analyst also made it clear that the price still will bounce back towards the set target at $100K later this year. Bitcoin currently is experiencing the worst ever drops since 2017 of nearly 40% from its highs.However, the bull appears to have jumped in to accumulate more at the dip and also uplift the price to some extent. But what slashed the price to rock bottom levels?
Also Read: Why Is Elon Musk Playing With Bitcoin Price?
A Haunting Week For Crypto
The crypto space is witnessing a freefall since the start of May, however, most of the assets have also recovered well. Yet, previously while Elon Musk destabilized the Bitcoin price, currently other reasons also fueled up for the slump.
Along with Elon’s FUD, China recently restricts financial payment institutions for encouraging BTC payments. Moreover, one of the leaders in the crypto exchanges, Binance, was under the scanner by the U.S authorities for money laundering. Hence the rounds of negative news might have shook the traders. And hence, Bitcoin price rally flipped drastically and may visit $30,000 if the bulls do not uphold the price.