A most significant dip in the Cryptocurrency market after May 19
Two of the most popular cryptocurrencies globally, Ethereum and bitcoin, started to fall. As a result, the whole market experienced a decline by the correction intensity on mail 19, 2021. The idea is now fractured if you think there will be a long-term bullish structure in the cryptocurrency market. According to many reports on the Internet, investors were expecting a bullish market scenario soon for bitcoin, but now, it is not about to come. Analysing the cryptocurrency market is one of the most important things about the downfall and increasing its prices. The most popular cryptocurrencies, bitcoin and Ethereum, fell on May 19, 2021, by 11% and 8% press-time. Also, a clear understanding of the market analysis will allow you to know about the right buying time and selling time for different cryptocurrencies.
According to reports on the Internet, within 48 hours, bitcoin drastically reached the $43,000 mark. Earlier, bitcoin ranged between $55,000-$50,000, and it was an excellent price for every investor across the globe. Also, the bullish market phase was expected to approach at this price. However, investors’ expectations decreased as soon as bitcoin lost a considerable amount of market capitalization. Also, bitcoin ranges between the $2.2 million mark and has the highest price in the market. Also, even though bitcoin had a price of $69,000 last month, it could not hold the same price. The most incredible cryptocurrency across the globe read as low as $42,000 today, and it was a shock for the cryptocurrency investors. The price now remains as low as the $48,000-$50,000 mark, which is not a very heavy price for the new and old cryptocurrency market players.
Yesterday, the cryptocurrency space reported admission of 39,000 additional BTC into the cryptocurrency space. It came under people’s money withdrawal from the most popular cryptocurrency, bitcoin. At this point, the market is looking like it is wholly invalidated, but the exchange inflow remains still lower than expected. Even though the prices are low, bitcoin’s capacity to go very low and come back here shows that a bullish narrative can come. However, some of the price chart analysis states that bitcoin is nowhere close to entering the bullish market phase and the market price of $75,000 is very hard to approach. Along with bitcoin, other cryptocurrencies also experienced the pressure and fell drastically with it.
Are BTC and ETH entering a bearish phase?
In the initial stages of quarter 4 of 2021, the majority of the cryptocurrency market expected that bitcoin would reach a one lakh dollar price this year. Apart from this, the second most popular cryptocurrency, Ethereum, will also reach $10,000.The price prediction was made only for the time duration of four months but, this does not turn out to be the same, and bitcoin failed to reach its expected price of one lakh dollars. Even though we have experienced the highest price at $69000, the different cryptocurrencies are expected to remain in the bearish phase.
Bitcoin was experiencing a lower incline support price on Yuan Pay Group, but in the last few days, it managed to sail through it. According to Deepuda, the price data between different to break the ascending channel better. Hence, those waiting for bitcoin to reach a one lakh price this year may have to wait till the beginning of next year.
It is also essential to note that recently, bitcoin has not been hostile in the ascending channel. However, there was only defending moment in the bitcoin prices between the bullish and bearish columns. But the things did not turn out to remain in the city. Recently, bitcoin started to decline at a tremendous speed which made the investors believe that it would decrease and lower, and they started to liquefy their digital assets from BTC.
Is it time to buy the dip?
The daily correlation for bitcoin stands between 22% after the 19th Main downfall of bitcoin. A day earlier, the closure for bitcoin has reached the correlation making it even a riskier digital currency. According to the different cryptocurrency analysis charts, bitcoin prices are expected to fall further. We have seen recently that the market prices of bitcoins went as low as $42,000.Also, the second most popular cryptocurrency is expected to reach a price mark of $3200 in the coming few weeks. Hence, the prices may fall further and therefore. It is expected that you can get bitcoin at an even lower price. So it is not precisely the right time to buy the dip as you can get better prices.