The past few days have indeed been a sad time for cryptocurrency investors. However, even though the price of Bitcoin has dropped by a few dozen parts, the king has persevered through the big waves. The Bitcoin network is still well maintained, although processing power has had certain declines, given the halving event is less than 60 days away.
So, when the market is recovering from the crisis, what rays can we see?
The crypto market is an indicator of the global financial crisis
Although we have seen the bloody trading days of the cryptocurrency market this week, Bitcoin and all other cryptocurrencies are still not completely lost. This makes sense considering Bitcoin and cryptocurrencies were born out of the 2008 financial crisis, but haven't experienced any serious financial threats in the 12 years since that time.
Many investors were afraid that Bitcoin would fall below $ 3,000, but the market actually bounced from the 200-day MA with a higher low. This means that the uptrend is still intact and the cryptocurrency market is likely to recover much faster than previously predicted. Satoshi designed Bitcoin to combat fragility and to overcome financial market storms stemming from the uncontrolled printing of money by central banks.
When considering the US announcement of $ 1.5 trillion that could be injected into the economy, everything is going according to Satoshi's expectations.
The big drop of market before halving
Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin, etc. Have not been at this low price since April last year. If cryptocurrencies have been able to overcome similar drops in the past, what could stop them at this point?
Wanna know how to get rich?
Buy cheap when everyone is scared. Then wait, and do nothing.
Sit on your hands. Smoke some cigars. Read some books. And continue to do nothing.
Sell when everyone is euphoric. Then wait, and do nothing.
Buy again when everyone is scared …
– Bitcoin Macro (@BTC_Macro) March 6, 2020
Do you want to get rich?
Buy cheaply when everyone is afraid. Then wait, and do nothing.
Keep calm, make a cigarette. Read some books. And continue to do nothing.
Sell when everyone is excited. Then wait, and do nothing.
Acquired when people continue to fear …
Low prices like this are unlikely to last long, especially when the big “whales” begin to gather as the halving gets closer and closer. Now is the time for good fortune to be created. Although many altcoins have dropped significantly in recent times, are they an opportunity to accumulate more?
The market will be excited after major corrections
Normally, after we have a big downward correction, as we saw yesterday, the market will have a strong rebound trend in the coming months. On December 10, 2018, Bitcoin hit a low of $ 3121. By June of the same year, Bitcoin had a price surge to nearly $ 14,000.
Right now is the time when big investors are betting on Bitcoin's long-term growth potential as the halving is getting closer. Historically, Bitcoin was able to correct up to 80% but was followed by huge price increases, which then continued to “collapse” the price of the following peaks always higher than the previous peak. At last week's low of $ 3600, this bottom is still $ 470 higher than the previous low. We could stay here for a while, retest the lows to form a nice bottom for investors, but the worst seems to be over. With the halving event approaching, we can see a new yearly high, soon.
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According to Coin68 / Bitcoinist