Bitcoin

Bitcoin To Retrace Its Price To An ATH Anytime Soon!

Written by: Delma Wilson

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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Dec 14, 2021

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Highlights

    Cryptocurrencies across the coin market fall prey to market wide corrections.

    Partisans from the business reckon the digital assets to not be in a bear market.

The global crypto market has been trotting through the nadirs and crests of the market cycle. The business has been exhibiting languid numbers which is generally not the trait of the crypto industry. The tenacious dips in the space have been a growing concern for folks from the industry. As they count on a bullish move by the altcoins.

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However, partisans from the business reckon the digital assets to not be in a bear market. Successively, a proponent from the industry exemplifies why he believes Bitcoin and crypto are not in a bear market. 

Not The End Game?

The proponent defines the bear market to be a result of prolonged price decline, and a shed off by 20% from the highs. He further cites that the ATH was just about 5-weeks ago. While a correction of 20% is not a big deal for the industry. The market has been fearful off-late, the sentiment of the previous day. 

The fear sentiment has been compared with that from 2018. Where the prices dropped 50% in days after already being down by 70% for BTC. Bitcoin is well above its support of $42,000, which could be considered as a negative stance. On-chain statistics look promising as BTC balances on exchanges continue to dip. The fundamentals remain unaffected and continue to grow stronger.

The Crypto Market Is Now Stronger Than Before?

Veterans and institutions firmly believe that the market cycle has been reinforcing the strengths of digital assets. The rate of adoptions, limited supply, and regulatory clarity from the United States, could pave way for a bullish leg up. 

Moreover, the increase in accumulations and hodling by individuals and institutions is only going to make the asset scarcer. As the remaining 10% of Bitcoin supply would not be mined until 2140, as CoinPedia had earlier reported. If the monetary policies by the Federal Reserves lead to a crisis in Wall Street, the crypto market could benefit in the long run. 

Collectively, the rise of Bitcoin will eventually persuade fellow digital assets to follow the league. As the market has been witnessing historic experiences. Hopefully, the market rebounds from current glooms, with the supercycle subsiding. Making way for traders and investors to rejoice for an incoming alt season.

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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