At the time of writing, Bitcoin has fallen to $47K despite the sentiment yesterday being that the last correction we saw would be the last one for a while. Some technical analysis experts are predicting that it’s possible we could Bitcoin hit as low as 42K again in the coming days but the bounce back is expected to be quick as was the case with other previous corrections.
The rest of the market has also been affected by this with Ethereum and Cardano also seeing a significant drop. Ethereum is set to be more stable than Cardano as it has been around this price for quite some time now and has built up a lot of resistance.
Cardano on the other hand has seen gains in recent months where it has even fought against the momentum of the crypto market. This means it is very possible for Cardano to hit below a dollar again since it’s often the case to see such a correction after incredible gains.
Hopefully, the appetite to buy a post-dollar Cardano will be strong and we won’t stay around these prices for too long.
Is This The Calm Before The Storm?
Many believe with the number of institutions buying Bitcoin at the moment and the technical analysis suggesting there is a strong level of resistance around the $42K mark that we could be on the verge of another significant run.
The fact that we have experienced about 3 significant dips in the last two weeks and have shown a strong recovery every time leads many to think that the next surge could be one of the biggest in crypto history. The immediate short term appears to be a little bearish but Bitcoin is expected to see massive gains in the coming months.