Leading cryptocurrency Bitcoin (BTC), It brought its decline, which started from $ 69,000, to $ 44,000. It was an unexpected move that the Bitcoin price suddenly dropped 15%, and many crypto money investors were shocked by this decline.
BTC price rose to almost $ 50,000 on December 5, but it did not last here and is still trading very close to $ 48,000. Bitcoin price’s 7-day performance still points to a 10% drop and analysts are expecting another drop.
Famous cryptocurrency analyst Will Clemente emphasized that open positions have increased and that low weekend liquidity with positive funding can be dangerous. This can actually be put forward as a summary of what happened over the past weekends. Even the slightest sell-off was taking a toll due to the dwindling liquidity, and the analyst revealed that in such a case, there could be much more drastic declines over the weekends.
BTC Will Fall Hard, But Sustain
Another popular cryptocurrency analyst, Rekt Capital, stated that the BTC price has fallen below the 200-day EMA, and this will create another drop. According to the analyst, even though BTC tests $ 50,200 once again, it will not hold here and fall. Stating that the Bitcoin price has fallen by 84% before and even survived this bear market, the analyst emphasized that it is possible to survive this even if he expects a new decline.
*Not Investment Advice.