Weekends seem to be completely bearish for the crypto space these days. The asset tends to lose huge gains during these times. Currently, space has witnessed another March 2020 or May 2021 type crash. The price of Bitcoin for the first time in the past two months has fallen below $ 50,000 and is currently hovering in the same region. . Despite huge bearish feelings, the price of BTC may rebound to crush the local high soon.
The crash happened all of a sudden as many expected a healthy debuff to come. Nonetheless, most of them believe that the current decline may not be the end of the bull market. Bitcoin is still testing one of the crucial areas and a noticeable boost could reinstall the bullish rally once again. And as a result, the market may have been reset and now is the time to pull back. However, the key levels to maintain are around $ 40,000 to keep the uptrend intact, according to a popular analyst.
Analyst, Il Capo Of NOIA, says the $ 40,000 levels are pretty crucial to maintain with a noticeable uptrend. Assets should rebound before reaching these levels and experience a decent uptrend towards the $ 100,000 target. However, on the contrary, the bullish trend can be invalidated if the price slips below $ 40,000 and if it plunges further below $ 30,000, the bull market may be terminated.
Collectively, the current crash has undoubtedly reduced many gains, but the possibilities for a substantial uptrend are still present. BTC price marked 2 highs and 2 lows in the same year, showing its strength during various market sentiment. And hence, the loss of ongoing massive sales can also be recouped in a matter of days.
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