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After rather weaker days, the Bitcoin price suffered another big loss this weekend, falling back to the $27,000 mark. Barring the short-term losses at the start of the US banking crisis in March, Bitcoin will therefore have a real crisis for the first time in 2023. Will Bitcoin Crash to $20,000?
The Bitcoin price has suffered more losses in recent days and fell more sharply after surging above the $30,000 mark. First, the price dropped back to the $29,000 mark. In the days that followed, it actually went back to the $28,000 mark. Resistance was established at this level before breaking above $30,000.
Over the weekend, the Bitcoin price fell back to the $27,000 mark. This drop of more than 10 percent in a matter of days was only the second major crash of 2023. The price last imploded at the beginning of the US banking crisis. After that, however, the Bitcoin price exploded to $28,000.
The correction in the Bitcoin price was partially expected by the bears after the rally above $30,000. A consolidation in the market was delayed and came during the last few days. However, a drop below the $28,000 mark came as a surprise.
One reason for the sharp price drop may be the increasing regulatory pressure from the USA. More and more crypto companies are looking at alternatives outside of the US. There are also concerns about Bitcoin. In Texas, the El Dorado of cheap Bitcoin mining, there is a risk of negative regulations for the industry.
The bulls are still eagerly awaiting the next meeting of the US central bank, where new interest rate increases will be discussed. This happens at the beginning of May. At the moment, the key interest rate is expected to rise again by 0.25 percentage points.
There have been some reports for several weeks that another major crash is imminent . The markets are nervous and a failure of major crypto companies could plunge the market further.
Basically, the fundamental data for Bitcoin is extremely strong. Hashrate has exploded so far in 2023. We therefore expect further increases in the second quarter in the medium term. Overall, Bitcoin price sentiment remains bullish.
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