THE FALL AND FALL OF BITCION
Bitcion is down nearly16% for he last 24 hours, its been a tuff week agian making this the 10th week of this bearish cycle . The last bear cycle lasted 11 weeks and bitcion went down to $28000.00. The price of bitcion fell to the lowest since the end of July 2021, when it fell below $38000.00 to about $37500.00. Just before a strong support pushed it back above the $38000.00 range, its currently trading (at the time of writting) at $38200.56. THis price drop of bitcoin shows as the rest of the crypto market shows the exact same patern, give or take a few %. That brings to mind the thought of what happens to crypto if Bitcoin keeps crashing. The cryptosphere has to much going on within it so drop to nothing, sure maybe some tokens will become worth nothing and projects will disapear but the whole crypto space now that not going to happen , weel at least thats my opinion. This cycle has made more that 30% of Bitcoin holders to be at a loss in price. that means that 30% of Bitcoin holders bought at a price higher than what its trading at now.
20% DROPE FOR THE WHOLE MARKET
With Loosing the last years price growth it has brought the whole crypto market down with most tokens trading at around the same levelsas the did
Jan 2021. This bear cycle has made lots off people panic and has caused mass selling of most cruptocurrencies. This has amounted is huge losses for people franticly trying to get rid of thier falling coins. The result of this is pushing prices down further. On the other hand people that wanted to enter the crypto space and felt they lost out on last years amazing gains can now buy in this goes for all the dei hard hodlrs who are taking this drop to buy up all the crypto panicing seller are trying to get rid off. This will cause big whales to be able to be even more bigger and could have a negitive effect on the market and prices going into the future.
WHEN WILL THE NIGHTMARE END
It seems, when looking at the price charts that this bear cycle should be nearing the end as the last 3 times Bitcoin retraced this much back percentage wise it shot up to achive alltime high not long afte. We should see bitcoin holding on to the $38000.00 support line maybe droping to about $36000.00 before it makes a turn around and reaches ATH levels at arounf mid to end of febuary. Bitcoin could finish Q1 of this year close to if not over the $100k price range. and thats just looking at the coins own history and price charts. This could also bring about a change to the market behavoir , taking the Bitcoin trend away and replacing it with a new trend maybe ETH........ More likely it will not but if it ever does change from the Bitcoin trend its more than likely that XRP will be the new trend setter. Xrp has shown signs in the past to have highjacked the trend from Bitcoin , This could very well happen but the coin is of the kind to stay dormint for long and then wake up mid bull cycle and skyrocket just before retracing back to a dormint state. XRP is also still suffering from the lack of trading from the USA . If the sec lawsuit is over it could be the catalist to sling shot XRP to the #1 spot. nut thats all speculation or it it.
thats all from me till next time
tttttttttttttttttooooooooooooo
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The bitcoin price did do exactly as i predicted in my post about this weeks price expectations have a look at that post crypto-market-crashes-or-corporate-adoption-price-drop
thaks for the support
