Sadly it's happened. Bitcoin has well and truly dipped below the $80,000 point. It had been doing so well to defy the forces of financial gravity pulling it under but in the end it has done all it can for now and earlier this morning it fell back to around $75k. However, it has made a small recovery and is currently trading around the $78k mark.
Let's not forget that for the past couple of months Bitcoin has demonstrated resilience trading consistently between $80-85k, only dipping below $80k a few times before swiftly rebounding back over $80k. This time though it was not to be.
I would imagine despite any slight vertical movements Bitcoin makes over the next couple of months we will probably see Bitcoin test $70k. I sincerely hope it does not fall below that line because if it does it might well point to a new bear.
Despite having the most crypto friendly US government in history, crypto can not entirely escape the impact of government fiscal policies and the effects of these policies on both the traditional and crypto markets.
Given how the tariffs policy is playing out and the impact of the intensification of this tariff war with markets losing $5tn last Thursday alone and Wall Street now entering a bear market it is no surprise that Bitcoin and crypto has pulled back. There is only so much Bitcoin can sustain from conventional finance before it eventually has to respond.
Any hopes of a bull run at this stage are dashed I'm afraid. While it may look bleak at the moment lets not forget the crypto cycle. It has been a long time since we have seen an alt season in crypto land and we are due one. And while an alt season won't be happening any time soon don't lose sight of the longer term picture.
There is so much going for crypto right now, in fact more than there has been at any other point in history, so many long term indicators are looking very positive indeed. But turmoil is all part of the ride we are on. Pull backs and dips happen, yes it's disappointing but they are expected. In fact many predicted that this drop below $80k was in the making and should have happened some time ago.
Crypto isn't called a rollercoaster ride for no reason! Keep the faith!
Peace!
I hope people are not hurting to much, never have money you need for surviving invested in crypto. And if you have capital, be happy you can get $BTC at such a discount :)