Bitcoin crash – if you are involved in the highly volatile crypto market – is a familiar term. Since May 2022, every crypto investor is talking about how the topmost cryptocurrency, Bitcoin (BTC), is drastically falling down in the crypto market. It is known for hitting US$68k in November 2021 and now it is struggling to be at US$20k. The bitcoin crash has led the cryptocurrency price to reach US$17k in June 2022. Nevertheless, BTC has started carrying a bear flag to give some hope to crypto wallets. But it has been speculated that Bitcoin will hit hard and plummet more than ever in 2022. Thus, the Bitcoin crash is going viral in the global financial market with the thin air of yielding a profit for long-term investors and thick air for buying the dips strategy.
Bitcoin is known for crashing to 70% in May-June 2022 since November 2021 after getting hit by several extreme market conditions. There is a mixture of macro headwinds as well as micro storms that led to Bitcoin crash and incur millions of dollars' worth of loss in the crypto market. The main reasons for the cryptocurrency crash are the strict policies of the US Federal Reserve, high rate of inflation, looming recession, pandemic, back-to-back bankruptcy, Russian-Ukraine war, stablecoin crashes, and many more. All these factors are main reasons for experiencing the Bitcoin crash.
Half of the global crypto market is excited and hopeful that BTC will again rise up to US$68k price level as a strong comeback, while the other half is losing interest on Bitcoin cryptocurrency and going for other cryptocurrencies. It has always managed to come back even after hitting US$5k in February 2018. The cryptocurrency market is highly volatile and unstable. There can be crypto winters as well as crypto springs to experience crypto crash situations suddenly.
Thus, even if the Bitcoin crash continues to be on trend for the other half of 2022, BTC will prove it wrong and have a strong comeback in the crypto market. It can be ensured because it is still the number one cryptocurrency in the global crypto market despite a major crypto crash from US$68k to US$17k. the 200-Weekly Moving Average or WMA has been a credible factor for the potential rise in BTC cryptocurrency price. Bitcoin has been highly successful in coming back with huge profits after hitting the 200 weekly moving average within 2015-2020. Thus, never lose hope in Bitcoin because the BTC tokens will make crypto wallets shine after a period of time.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.