The crypto market has had yet another catastrophic drop in the last three hours, falling 7.67 percent and wiping off more than USD 150 billion in investor capital.
Bitcoin (BTC), the world’s largest cryptocurrency, is down 8 percent and trading at USD 38,530 at the time of writing. The BTC price has been trading below USD 40,000 for the first time since August 2021. Bitcoin has major support at USD 37,500.
Peter Schiff, a Bitcoin sceptic, writes:
Bitcoin has finally shattered a head-and-shoulders top’s neckline. Longs should be concerned since the pattern predicts a drop below USD 30,000. Bitcoin will have completed a big double top once that level is breached. A drop below USD 10,000 is extremely expected from there. ⇓
Hmm, 30,000 on the cards? Let’s just hold our nerves and watch.
Meanwhile, Ethereum, a Bitcoin competitor, is down 9 percent and has fallen below the USD 3000 support level. Ethereum (ETH) is currently trading at USD 2812, with a market capitalization of USD 341 billion as of press time.
Across the cryptocurrency space, there has been a significant correction. Almost every one of the top ten cryptocurrencies is down 8-10 percent. For the first time in a long time, Polygon’s MATIC is trading below USD 2.00.
Will you make your positions lighter after this? Are you still bullish on Bitcoin? Comment below and enlighten us with your views.
