Bitcoin, the leading cryptocurrency, once again sank below the $34,000 support area. Bitcoin, the flagship of the crypto money market, declined by over 3% during the day, while almost all of the altcoins plunged into the negative territory.
Bitcoin Price Continues to Lose
Leading Bitcoin lost the level of $ 34,000 minutes ago. BTC’s downtrend has dragged down other assets in the cryptocurrency market. The downward adventure that started with the loss of the psychological level of $ 40,000 resulted in a regression to the price band of $ 33,000. A price action below this could push BTC to $30,000.
Bitcoin price is trading at $33,556 at the time of writing. Ethereum slumped as low as $2,255 while Binance Coin dropped to $344. The problem of loss in altcoins is growing. The downtrend, which resulted in the plundering of the support points one by one, dominates the entire market. Experts’ opinions are currently shaped about the continuation of the decline. In this case, there are analysts waiting for BTC to see $30,000 or even $20,000.
Is the Current Market Situation a Signal of a Buying Opportunity?
However, major investors and institutions are not seeing any panic in the bearish session. Whales bought around 40,000 BTC on the decline. Billionaire names, on the other hand, state that they will not miss the opportunity to buy from the bottom if the decline continues. Rich Dad Poor Dad writer Robert Kiyosaki stated that he expects the downward movement to continue and he will buy more Bitcoin at the bottom.
Although the bearish scenario and the red market scare the investors in the short term, the expert comments are positive in the long term. The number of people who believe that Bitcoin will surpass the $100,000 area this year is quite high.