The cryptocurrency market has failed to live up to traders' expectations as the bitcoin price is still struggling to get back above $40k. Bitcoin's attempt to hold its price above $40k indicates the sluggish momentum of the crypto market. For almost a month now the bitcoin price is between $37k-$39k. Currently, the price of Bitcoin is trading at around $38k. If bitcoin fails to maintain its $38k price range, it could drop to $32k in the near term.
Now Bitcoin is at the point of $29k traded. This means that for 25 days Bitcoin continued to decline and did not stay at $32k.There are also those who speculate that Bitcoin will hit a price below $10k if it hits $30k like Scott Minerd who told CNBC that Bitcoin could drop to $8,000.
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Although the Bitcoin price decline is still ongoing and far from expectations, sooner or later, I still believe that Bitcoin will again achieve an increase to reach a new ATH.