Some crypto analysts are anticipating a pullback to $52,000 or $53,000 as Bitcoin suffers its sixth consecutive day of declining prices.
Bitcoin's price has fallen to its lowest level in a month — prompting uncertainty about whether the cryptocurrency's bull run is now over.
The Crypto Fear and Greed Index is flashing a score of 34, indicating there is fear among investors.
BTC hit lows of $55,705.18 in the early hours of Friday morning, but rebounded to $57,400 a few hours later.
Some crypto analysts are anticipating a pullback to $52,000 or $53,000 as Bitcoin suffers its sixth consecutive day of declining prices.
Although such steep declines would be regarded as disastrous in conventional markets, a number of traders regard this as a blip in the trend considering how far BTC has come this year.
The expiry of Bitcoin options later today may be casting a dark cloud over the markets — but on-chain data shows that a number of "whales" are continuing to accumulate BTC, and long-term investors are holding steady too.
Crypto trader and economist Michaël van de Poppe believes that BTC is in line for a short-term rally, and said last night:
"As a reminder; #Bitcoin could even correct to $48-50K and still be bullish. I'm expecting a lengthening cycle to take place and a healthy correction belongs into that."
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'Zoom Out'
While things look exceedingly bearish on shorter timeframes, other analysts on Crypto Twitter are urging investors to "zoom out" and look at the bigger picture.
Bitcoin's value has doubled since the start of the year, the cryptocurrency recouped lost ground after hitting $64,000 in April and plunging to $30,000, and there's an increasing belief that bull cycles are lengthening — meaning ambitious targets of $90,000 or more may only be seen early next year, not in December.
But here's the problem with Crypto Twitter: there will always be an account, or a chart, to indicate that the current climate is bullish when reality says otherwise.
Because of this, it's never been more vital to do your own research and only invest what you can afford to lose.
