Bitcoin (BTC) bears are trying to find their grip in the tussle in an attempt to flip the emotional level of $60,000 support. Some market analysts believe that Bitcoin might slide into a correction phase as traders will mint profits after the successful launch of last week's Bitcoin exchange-traded funds.
Chances of history repeating itself is very much on the cards, Multi-year bear market was set off in Dec. 18, 2017 with the launch of the Bitcoin Futures product by the Chicago Mercantile Exchange, marking an end of a strong bull run. This was the time when Litecoin founder Charlie Lee said we are slipping into Bear market. We have seen multiple crashes of after major news of launch in the past for ex. COINBASE IPO on April 4, 2021.
History can be written with the same words as we are at risk of sliding deep into bear market. Traders who believe the market has exhausted its steam are happy with the pullback and believe that there are less than 1% chance of BTC breaking its previous all-time high anytime soon. Also, they believe there isn’t any news in the offering to drive this Bull Run any further.
Let’s see what the future holds as the expiry is round the corner. Till then, Keep making money
