The crypto world is in great shock, Bitcoin (BTC) It fell from $52,000 to $43,500 in about thirty minutes and depreciated by 16%. It was also seen that the price decreased to much lower levels in some exchanges.
Bitcoin (BTC) bounced off the bottom and managed to push its price around $47,000.
Ethereum and altcoin markets followed the sudden drop of BTC and Ethereum (ETH) It fell from $3,983 to $3,497 in the same time frame.
The crash triggered a $2.41 billion liquidation in the crypto market, according to analytics firm Coinglass.
Bitcoin bull and trader Tone Vays stated that it is too early to say whether $43,500 will be the bottom for BTC.
“This, [43.500 dolarlık seviye] Could there be a final bottom? I hope so, but we don’t have enough evidence of that at the moment. We need to give it more time.”
Vays stated that it is in an uptrend and now we need more time to see if BTC can quickly return to the $50,000 region.
“Technically, we have to collect all the way to the fracture zone. This was a big drop. But right now, I’m obviously more bullish than bearish.
If I were in a trading competition, I would rather play “long” than “short”… Generally, this is how markets bottom out. I hope some people bought at this low level. I really bought it.”
According to Vays, looking at long-term timeframes, Bitcoin failed to invalidate the overall bullish trend.
“We are still in a general bull market here. We are not in danger of going into a bear market so we shouldn’t go short any time during a bull market… The weekly chart looks good on the long-term moving average, so let’s just make sure we hold that move.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.