12:03 ▪
3
Minimum read time ▪ up to
Bitcoin, the famous cryptocurrency, is currently facing severe turmoil. BTC, which reached nearly $63,500 on May 10, suddenly plummeted by more than $2,000 in just an hour. A sharp decline in the cryptocurrency market raises concerns about an extension of the Bitcoin correction.
BTC’s thunderous fall
Bitcoin's lightning drop was both unexpected and spectacular. In just 60 minutes, the queen of cryptocurrencies fell from her price of nearly $63,500 to her low of $60,308. This is an amazing drop of over $2,000 in her BTC during the trading session. As a result, Bitcoin positions are being liquidated at a breakneck pace, forcing many investors to surrender in the crypto market.
Although this spike in volatility in the Bitcoin market was foreseeable at one point, its suddenness surprised many. In just one hour, Bitcoin has managed to ensnare even the most optimistic crypto investors. Those who were betting on BTC’s upward momentum continuing above $64,000 paid a heavy price. At least he had a $127 million long crypto position liquidated.
Bitcoin crosshair $54,000 trough?
Some experts believe that this sharp retest of Bitcoin's decline was necessary and inevitable in the crypto market. Like Michael van de Poppe, a well-known cryptocurrency analyst, talks about Bitcoin's “final stage of accumulation,” where its volatility intensifies. For this expert, Bitcoin's “flash crash” is simply pushing the cryptocurrency back into an important support zone. However, if that is not the case, Michael van de Poppe is already quite pessimistic, estimating that “a correction in Bitcoin could reach $52,000 to $55,000.”
A temporary crisis of confidence or a warning before the storm? Bitcoin’s sudden collapse amid a general atmosphere of risk aversion is fueling questions in the crypto market. While some experts see this as a simple and healthy retest, others are concerned about a sustained challenge to BTC's bullish trend.
Maximize your Cointribune experience with our Read to Earn program! Earn points and access exclusive benefits every time you read an article. Sign up now and get rewards.
Adapt to society and live a safe life to survive in universities around the world. Community managers manage the underlying cryptocurrencies and work on blockchain and its development. Passionately consider experience and fair management in the domain, article information and how to terminate the contract.
Disclaimer
The views, ideas and opinions expressed in this article are solely those of the author and should not be construed as investment advice. Please do your own research before making any investment decisions.
