Bitcoin breaks below the $5000 level as the bearish pressure continues to mount. While Euphoria has again gripped the market, Binance CEO, Changpeng Zhao, feels that the buying volume post the bullish candle on 2nd April on Bitcoin is indicative of the buying intentions that were for BTC to make a move.
Moreover, some analysts also reaffirm that the crypto-investors haven’t an actual ‘bubble burst’ yet. The total market capitalization of the dot com bubble was about 6-7 times higher than the total market capitalization of the cryptocurrencies during 2017 spike. Hence, upside in the long-run is an absolute certainty.
Why Some Analyst Are Not Buying This Bounce?
“That said, if we can break $6200 for BTC, it will likely mark the start of another major bull run and could run hot and high..”
“This dip doesn’t concern me. The same fundamentals that were there 48 hours ago when everyone was bullish are still there. It would be naive to imagine that market would go up in a straight line. My view, we have seen the worst & it’s up from here albeit with bumps along the way.”
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