Will the price of crypto continue to go up? This is probably one of the most important questions that people who use cryptocurrencies are thinking about right now. Due to the huge crash in the global cryptocurrency market over the last two weeks, the price of some of the most popular cryptocurrencies hit all-time lows in 2022. During the recent market crash, the price of one of the most popular cryptocurrencies, Luna, fell almost all the way to zero. If you are looking for a reliable trading platform to start your bitcoin trading journey, you can easily open crypto trader account.
Still, despite the big drop, this is probably not the worst thing the cryptocurrency world has seen so far.
We have seen a lot of bad markets in the nine years that our company has been open. We still don’t know for sure if the recent drop is a sign of a bear market. ” “Two to three years ago, every bear market turned around.” The last time Bitcoin’s price fell below $21,500, rumours that the bears would take a short break were put to rest.
People now expect that the leading cryptocurrency will either keep consolidating above the key support or make new lows soon. On the other hand, the recovery phase, which has been delayed for a long time, is expected to begin once BTC prices reach and stay above certain levels.
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In the past, severe corrections in the cryptocurrency markets caused Bitcoin’s price to drop by about 80 percent from its all-time highs. Still, the drop in 2022 was not uniform, and it was thought that it would quickly be followed by a big rise. But since then, the price of cryptocurrency has stayed below $20,000 because of things that happened inside and outside of the field. One reason could be that the structure of the asset began to get worse when the bull market began in 2021.
When Bitcoin’s price went up in the past, it was able to break through the upper resistance of the raised channel. After getting turned down hard, the market kept going down until it hit the lower support level, which was the start of a bear market. Even so, the asset’s value couldn’t break through the upper limit, which was between $180,000 and $200,000 USD during the bull market of 2021. So, even though the price has reached its lowest point, it is not going back up as fast as it used to.
Overall, the cryptocurrency markets need to have made a big comeback or shown that they are ready. Fear and uncertainty among market participants have caused a lot of forced selling, which has kept the price of bitcoin stable and concentrated. So, Bitcoin might not get better until it reaches and stays above $22,500, which could lead to a strong rise above $30,000.
This Week (May 23–29) on the Bitcoin and Other Cryptocurrency Markets: After a recent drop, the cryptocurrency market is having a hard time getting back up. It’s also not the only one. People are worried about the economy shrinking and prices going up, so other markets all over the world are also having a hard time.
At this point, the price of Bitcoin (BTC), which makes up about 45 percent of the entire cryptocurrency market, has been going down for a few weeks.
During the recent drop, it became clearer that crypto markets and stock markets all over the world are closely linked.
Is the cryptocurrency market going up? Most experts agree on what will happen next.
The Dow Jones Industrial Average has gone down for eight weeks in a row, and most of the other major indices have also gone down. As the S&P 500 fell, it became clear that there was a strong link between it and the cryptocurrency markets. Bitcoin ended the week at $30,000. This is the 8th week in a row that it ended the week in the red. Vauld’s CEO and co-founder are Darshan Bathija. He talked about the company with FE Online.
