Bitcoin battered and bruised – but is it beaten?

Bitcoin battered and bruised – but is it beaten?

Elon, then China, then regulatory jurisdictions around the world have all taken their turns to put the boot into Bitcoin. The number one cryptocurrency is on the precipice. Strong support at $30,000 is being approached again. Is this the time for Bitcoin to fall over the edge, or will we see a huge Bitcoinesque rally? 

It’s quiet in the cryptocurrency markets. There’s an edge of tension in the air as Bitcoin moves lower. It seems that hardly a day goes by when yet another FUD story on crypto hits the headlines.  

One more province in China roots out mining. Yet another regulatory jurisdiction makes an anti-crypto pronouncement. The next bank in line warns its customers to be wary of dealing in cryptocurrencies. 

It would almost seem as though the attacks were orchestrated through the world media. Conspiracy theories, although interesting, can get a bit overblown sometimes though.  

But it does seem to be a case of anyone with an axe to grind with Bitcoin is jumping in, because right now, anti-Bitcoin sentiment, especially from the more traditional elements of the existing financial system, is reaching fever pitch.  

Maybe the idea is spreading, that if Bitcoin can be tipped off that $30,000 cliff edge, then it will be sucked into a bear market, and not rear its ugly head again until at least China, and perhaps one or two other central banks, have managed to roll out their central bank digital currencies (CBDCs). 

A strong and burgeoning Bitcoin would be a real threat to these kinds of assets, and the powers that be are coming to realise it, albeit slowly. CBDCs are certainly a step-up from the existing paper cash system, given the power they grant to central banks to be able to manipulate the markets. 

However, at the end of the day, they are still representations of what we have already, just more fiat currency, more handily manoeuvred, but just… more of it. 

Can Bitcoin escape the drop? Because if it doesn’t, then from a technical perspective the downside does look pretty steep. Small support at around $24,000 and then a fair bit more at $20,000. Some would even have us go down to the next major support at $14,000. 

Blood isn’t just on the streets, it’s flowing down them. We all know the old adage of “buy when there’s blood on the streets”.  

Bitcoin is not done yet. Technical indicators are bottoming out and are showing that we are entering over-sold territory. Bollinger bands are tightening, and miners are once more returning to accumulating bitcoin instead of selling it. 

Yes, the Greyscale Bitcoin Trust is no longer buying, and more than 16,000 bitcoins become unlocked in three days’ time. Could that be what tips Bitcoin over the edge? But surely, the market has already priced this in?

It’s certainly a dicey moment for cryptocurrency. However, when all is said and done, yes, Bitcoin can take that drop. But will we see the most incredible rally once it hits bottom? Extremely likely.  

The fundamentals of Bitcoin are the same as ever. Nothing has changed. It is the only asset, completely outside of a monetary system that is falling in on itself.  

Supreme, long-term, store of value. Unstoppable. 

Buy the dip! 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. 

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John Lesley/ author of the article

John Lesley is an experienced trader specializing in technical analysis and forecasting of the cryptocurrency market. He has over 10 years of experience with a wide range of markets and assets - currencies, indices and commodities.John is the author of popular topics on major forums with millions of views and works as both an analyst and a professional trader for both clients and himself.

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