Bitcoin is experiencing significant falls in the crypto market. The analyst expects a crash similar to the one that occurred between April and May. While September is revealing red days for the cryptos, FUD has started creeping in investors. However, BTC price can still witness a notable rebound, as it’s presently consolidating after more than $3000.
During the crash of April-May 2021, the value of Bitcoin plummeted to $32,458.12 on the 24th of April, from its all-time high of $64,863.10 on the 14th of April. The star crypto lost half of its value in just over a month’s time. The analyst has compared the charts of April-May with that of September, which viewers can summarize below. The one of the top relates with the crash of April-May, while the one below is for September.
While it seems too early, for any judgements to be made, the graphical representations signifies the movement of prices. Consequently, the price at the press the is $42,669.05. The coin fell to its 24-hour low of $42,568.11 from its 24-hour high of $47,819.82, which would be worrying many
Can This Be Your Plan of Action?
We can expect the coin to follow a similar trend, for the next couple of days, before it starts consolidating. It would be wiser for traders to wait for an opportunity before panic selling. However, Hodler’s might not worry much as we can expect the coin to rebound post-consolidation, and march towards a bullish momentum.
Summing up, the trend does seem to be worrying. However, it can be too early to pass any judgements on the prevailing situation. The coin has the potential to bounce back on track, as we have seen similar movements in the past, wherein cryptos have rebounded by 30 per cent after falling to about 50 per cent on the same day. Hence, it is advisable to stay away from FUD.
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