Bitcoin has been playing hide and seek with its resistance packages as it was going up and down $55K and even to $50K while managing to rebound afterward. This continued for several weeks until Bitcoin stabilized itself over $55K. Everyone thought the market corrections were over, and Bitcoin and the crypto market were finally stable. But then came the biggest crash that sent Bitcoin dropping more than 17%. Crypto analysts were wrong about corrections being over for Bitcoin and the crypto market because, as it happens, these are only just getting started.
Despite all the tumble and plummeting of the price, a crypto analyst named PlanB is still hopeful that Bitcoin will catch a bullish run and will be able to catch it soon. The whole market is down as Ether has lost its $4K dominance and is now falling below it consistently. Liquidation has become a common aspect across the board as investors are not feeling grand putting any more money into the sinking ship that is the current crypto market.
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Many investors are afraid that they don’t want anything to do with Bitcoin or decentralization in the future, and they’re hoping that this cruel wave of corrections is over for them sooner than later. The volatility aspect, which many investors and traders have hinted about before regarding the crypto market, is indeed correct; it is the most volatile financial market out there. Despite all of this, the developer of the Bitcoin stock-to-flow valuation model, Plan B, thinks that it is not too late for Bitcoin and will be hitting the $100K mark by the end of the year.
Such optimism is lost on many investors and traders as they plan to draw their money and investments from the crypto market as soon as possible. It is unclear whether Bitcoin could rebound strongly after the corrections are gone, or it would just sit there trying to overcome its price resistance.