The cryptocurrency market is currently in bearish territory, with bitcoin hovering around $35,000, a two-week low for the king coin. Other big currencies, like Bitcoin, have joined the bandwagon and recorded declines as Bitcoin’s chart trends practically impact the whole crypto market.Further price decline might push it into the $30,000 range, and all of this is taking place amid mounting regulatory concerns in the United States, with the US Internal Revenue Service (IRS) urging lawmakers to give it authority to impose stricter reporting standards on crypto transfers.
In a recent video, Ben Armstrong, also known as Bitboy crypto, discusses the whereabouts of Bitcoin with Cryptoface. In his perspective, the future of bitcoin does not look promising if investors are forced to rely solely on Hodling. Regardless of where and how Bitcoin is currently trading, it will rebound back and revert to new all-time highs, whether this cycle or the next. According to CryptoFace, the current state of the cryptocurrency market stinks. He believes that the on-chain analytics supplied by other analysts is now ineffective, and that no one is receiving replies.
When asked if bitcoin will recover, he stated that there is still time for repeat patterns to emerge in scenarios where bitcoin dips and then rises dramatically. However, he also claims that there are currently no signs of reversion.
Throughout the decline, Bitcoin has steadfastly refused to fall below $30,000. Bitcoin’s price has just re-crossed the $35,000 mark, up roughly $5,000 from yesterday’s lows. A daily close above $37,000 is required to put an end to the stated bearish outlook. Although the cryptocurrency is still down roughly 6% week on week, it represents a respectable recovery from the market-wide flash meltdown at the start of this week.