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The famous Bitcoin is currently experiencing stormy turbulence. After approaching $63,500 on May 10, BTC suddenly fell more than $2,000 in an hour. A brutal bearish move in the crypto market that raises fears of an extended Bitcoin correction.
Massive BTC crash
Bitcoin’s Crash As Spectacular As It Was Unexpected. In just 60 minutes, the crypto queen went from a price of around $63,500 to a low of $60,308. That’s a meteoric drop of over $2000 in BTC during the session! As a result, liquidations of Bitcoin positions continued at a breakneck pace, forcing many cryptocurrency investors to capitulate.
If this spike in volatility in the Bitcoin market was predictable at one point or another, it was surprising in its suddenness. In just an hour, Bitcoin managed to catch the most optimistic crypto-investors. Those who bet on a continuation of BTC’s upward momentum above $64,000 paid a heavy price. No less than $127 million in long crypto positions were liquidated!
Minimum $54,000 in Bitcoins?
Some experts believe that this violent downward retesting of Bitcoin was necessary, even inevitable, in the crypto market. Like Michaël van de Poppe, a renowned cryptoanalyst who talks about the “last phase of accumulation” with increased BTC volatility. For this pundit, this Bitcoin “flash crash” only brings the crypto back to a key support zone. But if this is not the case, Michaël van de Poppe is already very pessimistic and estimates that “BTC’s correction could take us to $52-55,000”.
Temporary crisis of confidence or storm warning? Bitcoin’s sudden collapse, which occurred in a general climate of risk aversion, is fueling questions about the crypto market. While some experts see this as a simple salutary re-test, others fear a permanent challenge to BTC’s uptrend.
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The world is evolving and adaptation is the best weapon to survive in this wavy universe. Essentially a crypto community manager, I am interested in anything directly or indirectly related to blockchain and its derivatives. To share my experiences and raise awareness of a field that fascinates me, there is nothing better than writing articles that are both informative and relaxing.
DISCLAIMER OF LIABILITY
The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.
