A sudden price drop in the crypto markets along with the deepening points loss in the dow jones point to a a slow and steady downward trend as of late. Is the bull run of 2021 over? Are these the marks of the beginning of something much worse to come? A major recession, a new crypto winter? What could possibly be next? Any comments and thoughts are more than welcome.
Although that there are some people who defended Elon Musk by any means necessary, I believe his statements played a huge part in manipulating the market and bringing the price down even further along with China’s latest crackdown. His value in BTC also wiped out worth billions! His absurd statement along with China’s news completely erased all-time high gains from the day he tweeted about buying $1.5 billion worth of BTC.
We are in the recovery stage, trading sideways between $39,000 to $41,000 per BTC. The second wave of Bitcoin’s bull run would actually begin when it breaks the $42,000 resistance level. Just my opinion.