Bitcoin price seems to have lost its grip over the bull market as the price is constantly collapsing every new day. The price had recovered above $33,000 yet with a fresh slump declined below $30,000 despite multiple attempts to sustain. At present, BTC price is testing the range low in an effort to preserve the macro range in between $29K to $38K.
The price at the time of writing is $29,580, dragging the yearly gains to just 3%. The plunge was triggered following the People’s Bank of China stopped encouraging crypto transactions. Moreover, the possibilities of the traders buying at the dip are quite less as there is no mounting buying pressure. If the buying pressure accumulates, then the price tends to break the upper barriers.
With the price slipping to the new lower levels, many analysts believe the price may initially revisit levels below $25,000. One of the popular analysts, Michael de van Poppe predicts the final crash is yet to come. And believes the price to hit $24,000 to mark the lower levels before propelling higher close to $35,000.
According to the analyst, in spite of recovery followed after the current slump, the price may again fall below $30K. However, BTC price may gain the lost momentum to fly above $35,000 once sustains the trembled situation.
Despite the price fell from the heights, many yet believe the bull run is not over yet. One of the popular YouTuber and Bitcoin proponent Colin Talks Crypto sees a reflection of the 2013 price movements.
As per him, the current phase is similar to that of the 2013 bull run, where-in the price reached the peak and experienced a sharp drop. However, the Bitcoin price reversed upward to reach the highest levels again. Collectively, BTC price in the present scenario has become more uncertain and hence it is better to view the price movements for some more time before jumping in.