Chinese government crackdown on Bitcoin mining in the country, caused the price to drop.
Experts expect the bear market to hold for a while due to the bearish technical pattern.
According to CoinDesk, the price of Bitcoin has hovered between $ 30,000 and $ 42,000 since the end of May after its peak of $ 65,000 in April. The plummeting sows panic among traders. While optimists inherently believe in the value of Bitcoin and predict the arrival of a bull market.
The reasons that led to this dilemma were multiple and complicated, but the Chinese government’s crackdown on Bitcoin mining in the country, where 50% of mining pools are located, caused the crash.
Bitcoin price tends to retest $ 30,000
Although it was delayed for weeks, some experts are expecting the bear market to hold for a while due to the bearish technical pattern. Some claim that the price of Bitcoin would likely drop to $ 30,000 based on a structure known as a Symmetrical Triangle, which indicates that an asset always fluctuates between two converging trend lines. In this triangle, the price of Bitcoin will not increase until it reaches the lowest point probably at $ 30,000.
Bitcoin prices formed triangles between the $ 30,000 to $ 40,000 price range. Fountain: TradingView
Additionally, Peter Brandt, CEO of Factor LLC predicts a decline with a rectangular pattern showing BTC / USD exchange rates. The displayed BTC / USD rate would normally drop to the lower rectangle support level, which coincides with $ 30,000 when prices are trading in the middle of the rectangle and withdrawing from its upper trend line resistance.
Bitcoin prices are displayed in a rectangle. Fountain: Twitter / Peter Brandt
Also, other technical indicators suggest the falling price of Bitcoin, such as the Bollinger bandwidth. One common point they share is that the price of Bitcoin tends to hit a new low of $ 30,000.
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A bull market is on the way
Even though the pessimistic prediction is dominant today, veteran traders see the bull market on the way. Experiences tell them that when it spins, it spins fast. They believe that although dangerously close to a bear market, it could easily go bullish again.
One of the leading indicators behind their belief is that institutional investors are increasingly looking to take BTC as a financial investment, taking advantage of the opportunity to buy currencies at a lower price within the range of their risk tolerance.
“The May price drop was dramatic, while the on-chain reaccumulation of bitcoins sold in that recession to longer-term holders has occurred over eight weeks of lateral price action,” said Sean Rooney, head of research at the crypto asset manager Valkyrie Investments, in an email to CoinDesk.
How to ensure profits in a volatile market?
No one can say for sure whether a bear market or a bull market would be in this ever-changing crypto market tomorrow. For retail traders, visible profit is the most important, so it is wise to choose an exchange where you can still earn just by holding.
From this aspect, Bexplus will satisfy your need. It is one of the leading cryptocurrency derivatives trading platforms with an interest-bearing wallet. With a annualized interest rate of up to 21%, it is a certainty for traders to make high profits without risk. For example, 1 BTC will increase to 1.21 BTC after depositing it into the Bexplus wallet. Isn’t it more profitable than putting your money in a bank?
Bexplus will also be a trusted platform for your future trade when you are ready to open a short or long contract.
Bexplus offers 100X leverage, which means that if you open a contract with 1 BTC your contract will be worth 100 BTC.
Bexplus does not require KYC, you can deposit and trade without presenting identification documents.
No withdrawal limit
You are allowed to withdraw your asset anytime you need it. That is, you can withdraw your asset even after a few seconds of putting it in the Bexplus wallet.
Trading simulation is for traders like a driver’s license for drivers, only practice can avoid losses due to lack of experience. At Bexplus, 10 BTC is offered on the demo account, allowing you to practice and test your strategies.
Availability and accessibility
The services are available and accessible in more than 200 countries, including the US, Iran, Japan, and Korea, and users can enjoy 24/7 customer support.
Bexplus offers users a 100% bonus for every deposit. It means that if you deposit 1 BTC, you will get 2 BTC. By analogy, the more you deposit, the more you earn.
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