Bitcoin’s struggle to regain strength could indicate a bear run

Bitcoin price has been threatening a further drop, trading near the $30,000 USD support level early this week. To make matters more volatile, experts and analysts in the field are predicting that the token will possibly be looking at a bearish trajectory.

With a nearly 11% price drop over the past 24 hours of trading, Bitcoin is showing little to no signs of a short-term uptrend. After tagging an all-time high of $64,863 USD in April, Bitcoin has struggled to retain any strength in the market. At the time of writing, the cryptocurrency is looking at a $32,759 USD price tag.

According to Janet Yellen, United States Treasury Secretary, has voiced that she foresees higher inflation – an indicator that would usually promote the price of Bitcoin. Instead, Bitcoin dropped a further nearly $1000 USD after a minor rebound back to $33,000 USD.

Crypto Ed, one of the industry’s prominent traders, noted that he sees Bitcoin bouncing down before taking a step back up:

Bearish news for the market?

While it is still early days, analysts believe this might be beginning of another cryptocurrency winter heading out of a significant bull run. As Timothy Peters, of Cane Island Alternative Advisors investment, put it, this drop has lasted 17 days consecutively with no signs of a rally. He noted that historically, this has signalled the end of a bull run.

Related Articles

Should Beijing look at its crypto ban? A former bank member believes so

A former member of the Monetary Policy Committee at the People’s Bank of China believes the ban on China should be reconsidered.

United Kingdom riddled with crypto scams

Owing to the lack of regulation and restriction in the United Kingdom, fraudulent companies have been flocking to the country.

US lawmakers seek answers from Silvergate about FTX link

United States senators have requested information from Silvergate Capital regarding the firm's association with FTX.

Bitcoin value in Nigeria surges as cash-free society initiative expands

The adoption rate of cryptocurrency in Nigeria hits new highs and the price of Bitcoin has hit a more than 60% premium.

See All