Crypto King Bitcoin price saw a huge drop this month. Bitcoin fell to $28628, falling from the big price of $59,654.
More than 50% drop in a month. Today bitcoin is trading at $34500.
There are many reasons behind this decline.
The biggest reason was Elon Musk, who announced the closure of Tesla’s purchase of bitcoin. Musk also called bitcoin dangerous for the environment.
It was two reasons that caused the bitcoin price to suffer. China which was a big market earlier has banned all kinds of crypto-related transactions also created a negative in the market which hurt the price of bitcoin.
If we look at bitcoin experts, they consider this decline to be very normal because it has happened in bitcoin before even when Tesla or Musk did not invest in bitcoin. 2017 and March 2020 have also seen a major decline in the price of bitcoin.
A fall in the price of bitcoin has always been a good time for new investors and this is the time when new investors can step into the bitcoin and crypto industry.
When the price of bitcoin goes very low, it goes up by ten to twenty times the speed, which is why the price of bitcoin is so high today.
Bitcoin started at $27800 in January and reached $64,986 in April which has doubled this year. Looking at the price today, it is about $ 6000 more than in January. Right now the market conditions are looking very weak and the price may come down a little more. It can’t be denied that the price of bitcoin could go up this year and would probably be the biggest price yet. You can buy by taking advantage but gradually in some parts.
Today this month’s candle is going to close and it is certain that it will close with a fall, but the question that arises here is, will it take further decline or will it come up from here?
If you look at the chart of bitcoin, then on the chart of one day and four hours Bitcoin is showing signs of going down. If this decline is accelerated then the price can go up to $32000. Tomorrow is the new beginning of the bitcoin candle and should expect the price to move upwards next month.