Bitcoin has crashed in the last 24 hours with the ban news from China. Although this stance of China is a common occurrence, the price nevertheless reacted negatively for a short time.
The fact that China sees Bitcoin as a competitor to its own digital currency and does not want it to become popular is evidenced by the fact that these news were pumped when it was just at $45,000. Because, while BTC will perhaps make a good acceleration above $ 50,000, the deliberate arrival of these bans brought the price back to $ 40,600.
When looked at, the first of the last bans, which is the continuation of the repressive attitude that China has applied against Bitcoin for 4 years, was made in 2017.
Just like today, these ban news in September started nightmare days for BTC in 2017.
At that time, it seems that BTC fell by more than 30 percent after the news of the ban. However, the interesting thing is that after this decline, the price increased to $20,000, the highest level of that period, in December of the same year.
Analysts such as Rekt Capital, who stated that only small investors were affected by the fall after the latest statements, state that today’s fall actually did not affect the market very negatively. Analysts, especially emphasizing $ 40,000 in BTC, emphasize the importance of not losing this support.
In addition, experts say that if the price goes above $ 48,500, it is very likely that we will see a record by the end of the year, just like after the ban in 2017. ”
The fact that BTC, which had a serious decline with the bans of China in September 2017, reached a record in the same year, “will history repeat itself?” brings the question to mind.