Bitcoin price is falling again today, forcing the rest of the market to follow. Despite this, there were also rising altcoins, and in this process, TRX was seen to have returned to the top 10 cryptocurrencies after rising by 10%, leaving ADA behind. While these were happening in the market, on the other hand, it turned to the comments made by analysts, and one of the important names in the market made important statements about BTC.
Analyst’s Comment on Bitcoin
One of the well-known names in the world of economics, Mark Dow, recently posted a warning to Bitcoin bulls on social media. Judging by the Dow’s view, the fact that BTC, the undisputed leader of the market, has failed to reclaim the $60,000 level is not a very encouraging situation for Bitcoin bulls. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
Dow noted that by the end of 2017, BTC had reached the peak of that market cycle amidst great uncertainty, presenting a different outlook. On the other hand, he also noted that there had been major short sales in the last period of 2018. Until then, BTC’s its price had fallen by 80% from its peak during the mentioned period.
Dow told Bloomberg that he didn’t want to “squeeze more lemons.” Considering that the price of Bitcoin gradually began to recover over the next year, Dow called the move a perfect move.
However, looking back, it was clear that Dow was not always right in its predictions. In November 2019, he tweeted that Bitcoin might be ending. A little over a year after his tweet, Bitcoin raced towards a new record in late 2020, and then in 2021, Bitcoin reached $69,000.
How Many Dollars is Bitcoin?
The period following 2021 is called a major bear market. BTC, It rose to a new ATH of $73,737 in March, amid the launch of spot Bitcoin ETFs. In April, the former hedge fund manager highlighted how agnostic the Bitcoin community is, embracing Wall Street despite historically acting against the establishment.
On August 5, the price of Bitcoin briefly fell to $48,800 on the Binance exchange due to the global market turmoil triggered by the decline in Japanese stocks. Today, it is at $59,700 after a 1.90% drop in the last 24 hours.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
