Since last November, Bitcoin (BTC) has lost 69.20% of its value from its all-time high. Is this the end of cryptocurrency? Or is this an opportunity to be seized? Let’s sum up the bitcoin situation in the long run.
Long-term chart analysis
At first glance, Bitcoin is in a very strong long-term downtrend. Indeed, its price recently broke through a significant support level near $30,000. Added to this is the fact that the price has not yet broken the weekly moving average of 200.
At this rate, the price of digital gold could fall again. In the worst case, its price will reach $10,000, or an 85% drop. We will be vigilant, at the moment there are no signs of a change in trend.
For some, this rapid decline signals the end of cryptocurrencies. Moreover, they think that their value will continue to decline as they are overvalued assets. Others, confident in the fundamental value of BTC, see this drop as a historic buying opportunity.
Bitcoin Long Term: Weekly Chart Analysis
What must be done?
In the long term, the cryptocurrency market, led by bitcoin, is experiencing a great depression. So far, there are several signs that the price of bitcoin will start a long-term uptrend.
At the moment, it is best to trade cryptocurrencies by opening short-term positions.
However, here are the elements to look out for in order not to miss the next train under $60,000 and up:
- 200 MA (moving average 200) for a weekly period;
- Key levels ($10,000 and $30,000).
Does Bitcoin (BTC) have a long-term future?
Undoubtedly, bitcoin has a long-term future. Its value is confirmed by very solid fundamental projects. With the advent of Web 3.0, cryptocurrencies will surely take their place in modern finance. This price drop could be an opportunity to buy Bitcoin (BTC) at a low price. Remember, patience is gold.
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SEO Web Editor for 3 years, I specialize in cryptocurrency, blockchain, trading and NFT.