All cryptocurrencies are driven by one big factor, volatility. There are several things that make the market volatile. Its delicate nature and absence of a governing body are some main factors.
The recent aggressive volatile activity around Bitcoin has propelled its price in a downward direction. However, this recent fall has a much wider range, and analysts are predicting future falls.
The value of Bitcoin is controlled by several factors. The last fall was in line with Turkey’s ban. This time, it has more to do with the new tax proposal being vetted by Joe Biden’s administration.
Will Bitcoin Bounce Back Up Any Time Soon?
When it comes to cryptocurrencies, everyone has something to say. For anti-Bitcoin promoters, this fall may give them the right to foresee future dips. Nonetheless, we will only be looking at the various opinions of skilled analysts.
The fall was very much expected. Bitcoin has had a relatively unstable shift lately. A lot of factors that could not be resisted have played out in the past few weeks affecting Bitcoin and its position in the market.
Bitcoin, no doubt, still remains the number one crypto coin, but there are still chances of a dip to $30,000 and even as low as $20,000.The good news is, no matter how low the price falls, corrections will be met, and it would rise again.
Well, cryptocurrency investing is surely not for the impatient or faint-hearted. It requires a lot of consideration. In the past, the top digital currencies faced various sudden ups and downs.
It is expected that some investors may become quick to sell, but with cryptocurrencies, the most patient and consistent people get the most reward.
Bitcoin still faces widespread resistance, but the recent changes are noteworthy. As large corporations are considering Bitcoin as a medium of exchange and investing, some smaller businesses are walking the same path.
The last all-time high occurred as a result of the rally and market behavior. Corrections are expected to set in. The next rise will follow a similar trend based on speculations but in a much more stable fashion.