Bitcoin’s colossal fall from its zenith last weekend has triggered mayhem in the current cryptocurrency market. Bitcoin fell 9% over the last week, entering the 57K zone. The token is now trading at $57,661, up 1% in the last 24 hours. The latest Bitcoin crash is compelling investors to rethink their investments, adding more pressure to BTC’s price and valuation.
As the sovereign king of all the cryptocurrencies, Bitcoin’s hard and fast price fall over the past week was echoed throughout the sector, as notable altcoins dipped significantly following the BTC price route.
However, experts have weighed in on X, quashing bearish hopes while stating that BTC’s recent price dip is nothing but a slight price correction that BTC has encountered recently.
Also Read: The Swiss Bank Forecasts the Future of Bitcoin
Bitcoin: Why Is It Crashing?
Source: Cointral.com
Bitcoin’s volatility over the weekend was dubbed a constant source of agony for its investors. The price of BTC fell sharply, trading at $57K at press time, from its usual price threshold of $63K.
Bitcoin’s latest price crash was caused due to volatility triggered by the FOMC rate cut decision. The price fluctuations noted in BTC were due to unpredictability caused by the fed rate cut stance.
Fed’s current outlook on rate cuts is keeping investors rife in worry, triggering panic within the community.
After the federal reserve rate cut stance revelation, BTC recalibrated and bounced back a bit to trade at $57K at press time. However, Bitcoin is predicted to encounter slight price fluctuations in the near future, as the Fed’s stance on rate cuts remains neutral.
Bitcoin Is Fine, Expert Chimes In
Elja, a notable financial analyst on X, shared another update on Bitcoin, intending to vanquish the thick air of skepticism among investors Elja outlined how Bitcoin is currently following its 2020 bull run path, mimicking every drop and dip that BTC imitated before breaking out in 2020.
“Bears: BTC Is Crashing: It’s the end of the BTC bull run. Meanwhile, BTC is just following the 2020 bull run.” Elja Quipped
The expert later shared how Bitcoin’s current price crash has intensified due to predictable market sentiment and will recover eventually to climb new price milestones.
Also Read: Standard Chartered Says Bitcoin May Continue its Fall to $50,000