What is currently happening to bitcoin reminds me of a saying which says, 'The pain is inevitable but suffering is optional'. Bitcoin has endured so many attacks from the government officials who sees it as a threat to the financial sector due to the fact that they can not control it and as from the big whales aswel.

It has been banned in many countries now and many exchanges has been instructed to stop trading Bitcoin in banned countries and in other countries if it is discovered that you own a bitcoin they are threatening a jail term for anyone i n possession. Despite all these attacks Bitcoin proved to be stronger as it kept on surging  breaking new highs.

The Dark Days

As investors we can keep on encouraging ourselves that bitcoin can not be controlled by anyone because it is decentralized and no one has control over it but the truth is it is forcefully controlled by the outside factors as well as what is uttered by the big whales and the officials.

This year Bitcoin started on the right track but due these attacks it seems like its submitting, lets us not forget that even the great one has to suffer sometimes.

When Elon Musk tweeted negative news relating to Bitcoin saying that it uses more energy and they are no longer accepting it at Tesla until they find something which is feasible and as a result of that Bitcoin negatively responded and it fell and was trading around $48.000 then it was maintaining the 40 zone.

Then China set new regulations relating to Bitcoin and we saw how it plunged, it was the greatest fall to $34,000. With all these attacks there are higher chances that it will take some time before it recovers and it might test the $30,000 zone and might find support there but it is likely to spend some months down correcting the wave.