Bitcoin’s price dipped at $7,570 tonight. That’s only $370 away from the death cross. The price drops keeps nearing it and will most likely cross it this weekend. When it does, it will be well below the support line of $8K and enter a free-fall dive. In all likelihood the market will plunge to 6K or below.
It will encounter resistance at $6,700 before settling around $6,200. It is unlikely that it will hit bottom below $6,000 although it is possible. And when it does it will be akin to a rubber band stretched to its limits. This will present the valuable and short lived opportunity to buy as much as possible. For a lot of investors are following and expecting this very situation. And the market will spring back up to 11K, 12K, or even more.
The banks are holding the damn with a finger but pressure is building everyday. The banks are pressuring the US government to hold Crypto down but on the other hand corporations and Wall Street hedge funds are pushing back to let it loose. If the government loosen up the regulations, crypto is gonna explode. These prices have been predicted by analysts for months. A major dip followed by a bullish market.
And some indicators are there. The stock market which is somewhat correlated with the crypto market continues to show signs of a correction. This will drive crypto prices down, but innovation and investment into crypto continues unabated. Many projects are close to completion and some like the Lighting Network already has one thousand nodes running. With over $80 million raised and the Zap wallet on the horizon, Bitcoin prices will not stay low for long. So, this drop will be a flash sale that may catapult Bitcoin upwards to 50K or at least double the profits of any investment made now.