Bitcoin had an historical recovery in the past 24 hours which slumped more than $10K in no time,yet recovered with an intensified pace
The critics who attacked Bitcoin for being too much volatile fail to recognize the capacity of the crypto market to recover within short time frame
The -50% Dump Was Little Different!
Bitcoin price rally gained huge traction since the beginning of 2021 as it rose like a giant in no time. The BTC price trended sideways as the altcoins began to grow remarkably in the past couple of weeks.
However, the black wednesday of May 2021, shook the entire crypto market as major assets dipped almost 50% in just a few minutes. This created a blood bath on the streets and many expected the recovery time would be more than a month.
Yet, the crypto space, especially Bitcoin, came out as a surprise by jumping extensively to above $40K in less than 24 hours of the dip. Previously, during the 2018 crash, the market took more than a year to get stable and initiate with a bull run. Yet this time, it took less than a day to manage the trembled situation.
This clearly signifies, the long term holders or the 2018-crash survivors might have taken the best advantage to quickly grab the opportunity to buy at the dip. As they were very well versed with the fact that, the recovery is imminent.
Yet Bitcoin Price Is Expected To Hit $100K
The recent crash or healthy correction, what suits the best, however had shaken the entire crypto space specially the new retail traders. But the experienced hands know well that the pumps and dumps are the part of bitcoin bull rally.
The current recovery however points out that the dip was just a hindrance for the rally which is cleared successfully. Therefore the price will follow the path towards the set target around $100K as predicted by a popular analyst.
Collectively bitcoin dump is a common phenomenon, yet the recent one was the most impacted to many. However, with its remarkable recovery, it proved to the people who question BTC price as a ‘store of value’ or a ‘inflation hedge’. Nevertheless Bitcoin price rally is expected to continue to reach the target set by many around $100K.