Bitcoin and the crypto market as a whole have turned down after the Bulls' attempt to increase yesterday's upward pressure failed, leading to lower pressure.
I, who used to be an activist in Bitcoin and also other Coins, now feels a little worried about the price of bitcoin after reading a few articles about bitcoin. I have experienced a big loss while running a forex business, now I switch professions by investing my money in bitcoin and other altcoins.
As a new user in Steemit, I'm still trying to grope this steem community, not that I don't believe or fear investing in Steem but I'm trying to explore Steem even further.
Let's go back to the initial conversation, Analysts noted that there is a high possibility that the recent Bitcoin (BTC) pullback will be lower and deeper, but in the long run BTC prices may rise due to increasing weakness in the global economy.
Yesterday's price surge and subsequent decline formed what is commonly referred to as the "Bart" pattern, where BTC forms a rapid rise, trades sideways for long periods of time, and then falls. That's what bitcoin analysis experts say.
CryptoCohen, a popular cryptocurrency analyst on Twitter, noted in a Twitter tweet that the current pullback could be significantly longer, but in the long run Bitcoin is likely to be supported by increasing economic instability. He said:
"It could be that a bigger correction [occurs] in the game - it can take longer too - longer than many people expect. But good things come to those who wait. When you see low interest rates, and grow equity, the long-term $BTC #bitcoin allocation for me is difficult."
Because Bitcoin and the global economy continue to face increasing instability, it is very likely that any major changes in the current economy can lead to a paradigm shift that moves more people towards Bitcoin. Let's wait and see.