Bitcoin price dropped 1,500$ within a day on 02 August after it reached almost $12,000
Most of the analyst believes that its bull market after a couple of years since 2017 when BTC hit $19,800
After it touched $12,000 price BTC yesterday went back quickly to $11,200 where a lot of people got liquidated by this massive drop. According to CoinTelegraph more than $1BILION in that market crash.
There are 2 main reasons why the market has dropped massively
- Weekend – As we know for a couple of years, the prices and market don’t move on weekends as most companies and traders are not trading and buying.
- As we know, most companies now offer the option to Auto sell and stop losses, and after the BTC hit a price, auto sell orders were on the way.
While on the other hand, ETH holds the price and its establishment with the growth by 23%.
According to famous trader Josh there is no need for panic as this massive drop price of Bitcoin is usually, and more of them are coming as we are in the bull market.
The latest Bitcoin pullback was only 15%There were at least six pullbacks of 30%+ or more last bull market uptrendEverything is going to be okay— Josh Rager 📈 (@Josh_Rager) August 2, 2020
Another useful perspective of ByzantineGeneral on Twitter is that BTC will hit $10,500, and its time to buy. In case it breaks $11,500 it will go above $14,000
This is currently my map for $BTC▪️ 10500 is the best place to sell kidneys and buy with all you got and forget about it▪️ Break 11500 and we go to 14000▪️ 14000 is bears last stand, break that and we make a new all time high#Bitcoin pic.twitter.com/r1h36xPR2J— Byzantine General (@ByzGeneral) August 2, 2020
One of the essential factors why the BTC is on the bull market is that the Government of Iran has started to accept miners from all over the World.
