I was suprised when I saw Bitcoin falling so fast from yesterday's price point till now. June 12th the price was holding around at 29k, i assumed it will go up or go down a little bit.
Some what similar to June 6th and then May 30th. It has been been hovering around the range of 28k to 30k for quiet some time now. Suddenly it went below 25k on a single day and that becomes a trigger for someone like me who saw Bitcoin usd value at around 3k to 4k between 2018 to 2019 in the month of April. In reality that was the golden time to grab 1 Bitcoin.
This situation isn't alarming for me but, i did some checks within the forum and found out that, this situation might have arised because of the LUNA issue or it might have been because of the global inflation situation.
What do you guys think can be the issue? Let's have a discussion here!
HINGLISH REPLY ACCEPTED
Some are saying it's because of the Celsius network breaking down while some think it's because of the global depression coming in, but truth is all of this is just a market cycle, you have to have a depression to normalise the market after an uptrend, if you see monthly charts of last year you'll see how bitcoin was trading every month on it's upper Bollinger it obviously has to see some depression days to bring the normalcy back in the market.
Do not know how long this bear market willl continues but you are correct that this is a market cycle. I did expect the market to correct but not so much of correction. Bitcoin still hovering around 20k to 22k. If I remember 20k was once a new high in 2017 and 20k is now the new low in 2022. Overall the market should look good for institutional investors if they are planning to accumulate more Bitcoin.
$20k was once a "too costly to buy a bitcoin" range and now it's "too cheap to buy a bitcoin" range.
I consider the recent dump as a series of negative influence in 2022 because of all the negative things occurred this year.
The Russia-Ukraine war was the starting point triggering the dump and then there were many things contributing to the dump.
The latest dump made bitcoin fall from the $29k price to currently at $21k price which was mainly due to the high inflation the increased interest rates.
But as we know, sooner or later the dust will settle and once positive sentiments hit the market bitcoin will go bullish than ever.