Bitcoin’s Decline Below $20,000 Proves The Bottom Is Not In
November 08 2022 - 11:57AM
NEWSBTC
Bitcoin was tethering above $20,000 for the last week, and its
ability to hold above this level through the FOMC announcement had
led to speculations that the digital asset had finally hit its
bottom. However, recent developments and bitcoin’s fall below
$20,000 has proven that this is not the case. Even more, it points
to a further decline in the market that could drag the
cryptocurrency to even lower lows. Bottom Is Not In Bitcoin is now
trading in the $19,000 which has completely destroyed the
expectation that the bottom was already marked at $20,000. Despite
the digital asset largely deviating from a lot of established
trends, it seems it continues to stay true to the fact that it
eventually loses more than 80% of its all-time high value before
the next bull rally begins. Related Reading: What Happens To
Dogecoin If Twitter Fails To Implement Crypto Plans? If so, then it
is possible that the market will see lows below $17,000. Now the
question becomes what would trigger such a decline in price and it
could be easily traced back to the ongoing battle between Binance
and FTX. The market is already feeling the effects of Binance
wanting to dump more than $500 worth of FTT, which has triggered a
more than 30% decline in the token’s price already. However, as is
often the case in the crypto market, it is not localized to just
FTT alone. The effects are being felt across other cryptocurrencies
such as bitcoin which has lost about $1,000 from its value in the
last 24 hours alone. BTC price falls below $20,000 | Source: BTCUSD
on TradingView.com Will Bitcoin Recover? A recovery in the bitcoin
price is not a debate given that recovery after a price decline is
always inevitable. However, a significant recovery from this point
is not expected given that bitcoin is yet to reach its bottom. And
until this happens, it is likely that bitcoin will not break above
$22,000. Related Reading: Can Solana (SOL) Sustain Its
Google-Triggered Price Rally? There were also significant sell-offs
in the market following the increase in price last week. Investors
had taken advantage of this to secure some quick short-term gains
but the result was the loss of support at $20,000. For bitcoin, it
comes down to the current macro climate due to the high
correlation. Until there is settling, it is likely that the digital
asset will not see any significant value pump. The disruption from
the macro environment and the ongoing issues with Binance and FTX,
point to further decline for bitcoin. Featured image from Analytics
Insight, chart from TradingView.com Follow Best Owie on Twitter for
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