Hard hit after a bloody week and still struggling to recover Bitcoin (BTC) It is similar to the conditions it is in, as it was in March 2020, the most troublesome period of the pandemic.
Bitcoin price today averages $ 30,500. Fear and Greed Index Bitcoin has reached 8, the lowest level since March 2020, or extreme fear. On the other hand, the pair registered a 28% increase compared to the previous week.
The leading crypto, which fell to $ 26,700 last week, but then rose to $ 30,000 with a recovery, still has not been able to decide on a meaningful upward or downward trajectory.
Popular analyst commenting amid concerns that the price will drop to $20,000. Credible Crypto offered an optimistic alternative.
Based on historical norms, the analyst argued that Bitcoin has little impetus to retest $20,000 or lower.
On the other hand, many leading companies seem to have contingency plans for such an event. As a matter of fact, it has the largest institutional BTC treasury. MicroStrategyIt is known that , is preparing to buy supplies to stop such a decline.
It does not go unnoticed that Coinbase, one of the world’s largest exchanges, has also reduced recruitment.
“Retesting previous cycle peaks seems unlikely!”
When asked if popular analyst Credible Crypto BTC could repeat the pullback from its 2019 high near $3,600 during the March 2020 COVID-19 crash, he said:
I don’t expect this. Is this possible? Yes, but as I said before, retesting of previous cycle peaks has never happened before, so I don’t find it very likely.