Bitcoin is on the edge of a scary drop down to a much lower price of $51,000. Will $BTC make this drop, or is there one last level of resistance that might save the king of the cryptocurrencies?
Fear And Panic Prevail
Fear is flooding through the cryptocurrency market. Long term holders are taking profits, and governments continue to sell their holdings. Retail investors are probably feeling a sense of rising panic, and many will be selling if they haven’t already done so.
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Will The Drop Take Place?
Source: TradingView
First things first. Is the $BTC price going to make this drop? On Wednesday $BTC lost the $61,000 support, and so far on Thursday, the price is below support at $58,000, and has made a small bounce from $57,000.
This support level at $57,000 is really critical, because if this doesn’t hold, the price is likely to drop to $54,500. If it does so, this would be a lower low, and the chances would be very good that this correction continues down to $51,000.
Bitcoin Not Done Yet
So is there any bullish scenario in all of this? At time of going to press the $BTC price is holding the $57,000 support and a bounce is still taking place. It’s still far too early to know whether this could turn into a trend reversal, but given that this is probably the very last line in the sand, if there is going to be a sudden rush of buyers into the market, this would be a great place for it to happen.
The intelligent money will understand this. Whether it is institutions or high net worth individuals, this is quite possibly a great level to start entering or reentering the market and buying $BTC.
“It’s always darkest before the dawn”
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