Are We Witnessing A New Floor Price For Bitcoin As It Plunge Below $20,000

The crypto market is in a great chaos as market prices plummet and traders wrecked and liquidations is gradually increasing, the question now is? With the current price of bitcoin is it advised to buy in now and hold awaiting a bull run which is not yet certain.

These are the thoughts that might be running through your head looking at these digital assets gradually declining, top Bloomberg analysts says that the $20,000 bitcoin market trading price is a new floor price for the primary digital asset.

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Mike McGlone says that the $20k range for bitcoin may act as the new floor price for bitcoin which is quite similar to the $5k range in the past. He continued by saying that Bitcoin is gradually approaching too-cold sales levels based on its market price movement. In he’s words;

“$20,000 Bitcoin may be the new $5,000 – The fundamental case of early days for global Bitcoin adoption vs. diminishing supply may prevail as the price approaches typically too-cold levels. It makes sense that one of the best-performing assets in history would decline in [the first half of 2022].”

Comparing 2018 bearish market Mike says that the $5,000 acted as the support level for bitcoin and over a period of a year and even in 2020 it also acted as support for the primary asset. As bad as the market sentiment pointing out some typical point.

“Bitcoin Adulting vs. Spiking Stock, Bond, Commodity Volatility – Bitcoin appears to be in the midst of a typical drawdown, notably vs. historically extreme spikes in commodity prices and bond yields, rapidly reverting equities and the most aggressive Fed in about 30 years.”

Previously the analyst was bullish on bitcoin, stocks and other bonds stating that they are going to explode which he refers to as the “Great Reversion”.
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