has come under selling pressure after double-topping the weekly chart as investors continue to assess the threat Omicron poses to the global economy. This latest double-top formation confirms a steep downturn that will lead to a major meltdown in the 2022 Cryptocurrency could lead.
In the absence of a central regulator, virtual currency appears to be a first step towards sucking the liquidity of real global currencies. Undoubtedly, the strong growth resulted in the BitcoinAssessment since April 2017 that the leading cryptocurrency continued to rise from the lows of USD 510 in April 2017 and peaked at USD 19,853 in December 2017, before its first crash of the crypto world in December 2018 with a. hit low at $ 3,219.
This steep slide did not discourage crypto investors, however. Bitcoin emerged with a more lucrative virtual currency that attracted the masses with renewed eagerness to grab bitcoins with both hands.
After another downturn to $ 39,370 in March 2021, Bitcoin never looked back until it hit the second high at $ 64,412 in April 2021. Certainly, Bitcoin saw extremely volatile movement in April 2021, leading to a wild surge from $ 64,412. led $ 48,328 but that couldn’t control the infatuation of the crypto lovers.
Bitcoin began to slide from its high again, testing a low at $ 29,560 in July 2021, which was a little shocking for those investors who got in at the April 2021 high. But that decline could barely control the eagerness of risky traders in July 2021, who began hanging Bitcoin at $ 68,935 in November 2021.
Since then, however, the steep drop that persists in December 2021 appears to be the evidence needed to anticipate a crypto crash anytime soon.
The rate at which Bitcoin is moving down suggests that Bitcoin could retest the $ 18,507 level by May 2022. There could be some rallies during this downward slide, but the sale could be over a given amid growing fears of a quick resurgence of COVID. move on new, unknown tribe.
Growing fear of possible lockdowns due to the proliferation of the Omicron variant, along with inflationary pressures, could lead the crowd to prefer to cling to real world currency to meet real demand. This fundamental phenomenon could force crypto bears to stay in control.
Disclaimer: The author of this analysis has no position in bitcoins. Readers are advised to take any position at their own risk; as the cryptocurrency market is one of the most liquid markets in the world.
Source: Crypto News Deutsch