Bitcoin Crash 2022: Price Tanks Under $29,000 After A Classic Bull Trap, Will It Bounce Back? Well it’s up for debate among many crypto analyst and it’s investors. Bitcoin is still Nearly 60% down from it’s all time high of $68,789.63. This severe correction reminding users, the BTC crash of 2017 which bring down BTC value from 20000USD to 6000USD.
Following a severe crash in early May and throughout April 2022, Bitcoin gave investors some hope last week by consolidating around $30,000 levels. However, following a strong correction in the US equity market on Wednesday, May 18, the Bitcoin price fell below $29,000 once more.
Popular Bitcoin critic Peter Schiff describes this as a classic bull trap for investors. In one of his most recent tweets
As Per Peter;
I must admit that I’m surprised that #Bitcoin has held up this well. But don’t get cocky #HODLers. The market never gives investors this much time to buy the bottom. It’s more likely this is a bull trap to lure in as many more buyers as possible before the next major leg down.
Bitcoin Crash 2022, Will It Fall Further?
We can’t deny that Bitcoin has been closely tracking Wall Street’s Nasdaq 100 index. So, if the Nasdaq continues to fall, which is more likely, Bitcoin may be in trouble. According to crypto analyst Lark Davis, Nasdaq has already corrected 28 percent from its peak.
In another tweet, Schiff mention that
Rising #food and #gasoline prices will put more downward pressure on #Bitcoin prices. That’s because grocers and gas stations won’t trade their food or fuel for Bitcoin. So if Bitcoin #HODLers want to eat and drive soon they’ll be forced to sell their precious sats to afford to!
Technically, The long price of any commodity is mostly decided by it’s demand. Following the demise of Terra Ecosystem which made user lose Billions of Dollars certenly made some crypto enthusiast doubting on the blockchain system. Certenly blockchain itself is not bad however the super hyped project who just try to cash out or rug pull the users are creating a big sense of doubt in crypto market.
“Bitcoin has been closely tracking Wall Street’s Nasdaq 100 index. So, if the Nasdaq continues to fall, which is more likely, Bitcoin may be in trouble” explained by Crypto analyst Lark Davis.
On the other hand many crypto analyst suggesting it a grab at lower price. As per the analysis, it can bounce back to 40K level in short term.
Also Read: Robinhood to Let Users Hold Their Own Crypto and NFTs Using Robinhood Wallet
Rich Dad Poor Dad author Robert Kiyosaki says he still believes in Bitcoin or the long term.
I remain bullish on Bitcoin’s future. Waiting for test of new bottom. $20k? $14 k? $11 k? $9 k? Why do I remain bullish? Fed and Treasury are corrupt organizations. They will self-destruct before they regain honesty, integrity and moral compass.
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