Bitcoin has had a massive crash in recent weeks and has been trying to recover ever since. The investors and regular traders have kind of backed down from working with Bitcoin for a brief moment, but all of it is expected to go back to normal very soon. The blame for the recent crypto crash rests on China for banning all of the Bitcoin mining operations there, plus restricting the crypto exchanges from serving their usual clients and only factoring in the most prominent or capital intensive clients. Other than that, Elon Musk also folded his cards on Bitcoin, saying that the mining practice is a hazard for the environment and until that is fixed, Bitcoin will see no support from him.
This is the story so far, but the consequences are still rolling and are not going to settle for a brief time. All the past data for Bitcoin shows that the cryptocurrency, when it plummets, loses almost half of its value, and this is exactly what has happened here. Once that is done, it takes about four years for the cryptocurrency to get back on track. Some traders on Twitter ask if the market will turn anytime soon, or they would have to wait around four years to have some gains on their crypto investments. These are the traders that bought Bitcoin over at $60k and are devastated by the news of this recent crypto crash.
Various algorithmic systems around the globe are in the works to project the upcoming bearish or bullish trends for Bitcoin. The data fed into the system demonstrates that another correction is in order, and if the projection and interpretation of all the numbers go into practice as it has in theory, then Bitcoin’s price could take a huge decline, putting it all the way back to the $20k price point. But that is all speculative at the moment, and nothing could be said for sure. But one thing that is certain is that when you play the Bitcoin game, prepare yourself for a long procedure and holding is the best strategy to stay afloat here.