After the Bitcoin crisis, even though the crypto market has not fully recovered, cryptocurrency prices have stabilized. The value of Bitcoin has not yet returned to Monday levels.
The most popular digital currency price has dropped by about 1 percent in the last 24 hours. Its value is currently up to $42,000. SOL, Ethereum, and dogecoin fell 3 percent.
It is difficult to determine precisely what caused the fall. However, some experts believe that the recent Chinese real estate market turmoil has led to such a rapid change in prices.
Some analysts warn that the recent drop in prices may be part of a long-term trend. Some experts even believe that short-term volatility is temporary, and Bitcoin will reach new records this year.
Evergrande Group, the Chinese real estate giant, may not repay its debt, significantly impacting the global financial system, including the crypto market. The property developer giant said on September 23 that it would make the payment on domestic bonds.
Several experts have linked the recent Bitcoin catastrophe to the event, which fears it has removed $200 million from the crypto market due to fears.
According to current Bitcoin data, the latest loss statistics provide a basis for the week crash is not over yet. When the decline stops, many more changes should come.
Conclusion
One of the supporters of Bitcoin underestimated the latest price fluctuations given the prospects of cryptocurrency.
The CEO of MicroStrategy tweeted that the price this week or last week will not matter in the long run as it is only part of the final cost.
Analysts are still unsure whether the bear market explosion is over if that is just a mistake. According to the CEO of DeFi, Bitcoin may reach $100,000 this year.
Price fluctuations are expected, though the value will rise again. When checking cryptocurrency prices, it is always advisable to consider changes in public mood and regulations. The downside may be, however, that Bitcoin is going nowhere.
A common mantra of Bitcoin lovers is the following – when in doubt, check it out.
The idea is that any short-term price movement seems insignificant given the broader vision of the cryptocurrency market. It should also be noted that the current price of Bitcoin is twice as high as the previous price until 2021.
It is noteworthy from the recent price crash of Bitcoin that it fits into a highly positive model of price forecasting.
