I just saw this news on Binance this morning, and truly for the past few days Bitcoin seems to be depreciating.
On Jan 8 Bitcoin experienced it second-steepest daily decline which has now further lead to market uncertainties.
And according to Binance if Bitcoin closes below $90,000 on the daily chart, analyst warns of a deeper crash . And a confirmed inverse head-and-shoulders pattern could lead to a further 20% drop potentially targeting $71,500.
What are your take on this?
Bitcoin price dropping is something we should be used to already, we don’t just expect bitcoin price to be pumping without depreciating, we are definitely going to see a correction, so bitcoin price dropping shouldn’t be what we should be scared about. When bitcoin price was pumping, everywhere was silent, and everyone was happy, now that bitcoin price is dropping, everyone has started doing their analysis.
Anyone holding bitcoin for a long time shouldn’t be disturbed by the current dump in the market, all we should do is just to keep on holding, and if we have extra funds, then we should buy at a cheaper price. With time, bitcoin price is going to bounce back. I have been in the crypto space for some time and have seen how bitcoin has been growing, so no matter how the price drops, I am always so confident that it’s going to bounce back.