Bitcoin presuming to be Stagnant
Nowadays bitcoin is familiar in trending within a narrow range. However, it had crossed the $11000 mark during the weekend but again failed to find a strong support level above the mark. Currently, Bitcoin is priced at $10,930 at the press time with a drop of 0.20 percent in the price.
One of the crypto analysts CryptoWhale predicted a possible crash with the Bitcoin price. The similarity between the Feb/March price chart and the current chart shows similar ups and downs. Therefore, he said that both look very similar.
Is a BTC Downtrend awaiting Ahead?
Bitcoin as per some reports is expected to follow a downtrend but on the contrary, the hash rate is going to the moon. It is also speculated that Bitcoin can easily make a quick reversal at any moment.
However, the current market sentiment that says that a major bull run is awaited for the digital asset might not be true. But after the dump, Bitcoin can rebound to larger highs very soon. Moreover, currently, buyers are required to step in to avoid the further drop.
In a nutshell, if the crash occurs as in Feb/March then it would be a good time to invest in. After the crash, the digital asset rebounded to great heights and crossed $12000 in very little time.