No, Bitcoin bulls are not back in control, Bloomberg. In the past two hours, the leading cryptocurrency has shed a large portion of its week-to-date gains, falling to $12,200 as of the time of writing this.
It still isn’t clear what triggered this flash collapse, which comes shortly after BTC breached $13,000 and was poised to close some important short-term candles strong.
With Bitcoin down nearly $1,000 in minutes, what exactly is next for the cryptocurrency? Well, no one is actually 100% sure. And no one should be.
Others have simply stated that this is Bitcoin simply establishing a range, meaning that this drop shouldn’t be anything to write home about. Indeed, over the past three to four months, BTC has been subject to bouts of immense volatility, which have only been followed by more upside for those that are patient. As Alex Kruger quipped in a recent tweet, “in a bull market, market crashes are for buying.”
It is important to accentuate that this drop does not put Bitcoin back into bear territory, despite what some cynics and sensationalists may think. There are still a number of technical signs that show that BTC is surely in a bull market, not anything else.