Crypto News Flash #194: Bitcoin Falls Below $6000 But Bottom Still Not In Sight Says Crypto Traders
For last 2 months, crypto market is declining constantly without any major pullback. In April, BTC touched $9900 and started to dump significantly from that level. If you're a crypto trader or investor, you must have seen the BTC trend from your own eyes in last 2 months.
Now, Bitcoin has broken the crucial support level i.e. $6000 which it made in February 2018. With the breaking of this level, a lot people are panicking. Some people are selling their BTC in haste only to see the price of BTC declining further.
Although a lot of popular personalities are still Bullish on cryptocurrency including Brian Kelly.
He advocated recently that BTC price dipping is completely natural and 60-70% correction in BTC is quite normal and has happened many times in the past. He also said that Bitcoin funeral is not today or tomorrow, rather it still has a long way to go.
He personally believes the reason of crypto dump is: Tax legislations, exchanges hacks and lack of regulations in crypto space. One year ago, the price of BTC was just $2000 says Brian Kelly.
Now, if we believe crypto traders then majority of them believes that price of BTC might go down to $5500-$5000 and then a pullback/Bullish run can be seen in Bitcoin. According to them, crypto market is currently in Capitulation phase and as soon as it ends, we can experience a Bull run in crypto space.
A lot of positive news are also coming across the whole world regarding the crypto adoption. So, we might see a Bullish run in BTC sooner than later.
Thanks for reading ...!!
