It's extremely challenging to find even an ounce of positivity in today's cryptocurrency market bloodbath with Bitcoin (BTC) recording its biggest loss since 2017. The day when the benchmark coin lost nearly 25 percent of its value in just one hour will surely go down in history.
However, according to multiple analysts, BTC could still rebound after this gargantuan price drop.
A bigger picture and a brighter story
According to cryptocurrency trader Jonny Moe, BTC coincidently tapped its long-term curve trend that dates back to 2011. So far, the cryptocurrency is yet to break below it.
Meanwhile, as reported by U.Today, the crypto king also came close to dropping below its 200-week moving average (MA) with its current intraday low of $5,568. Alex Saunders aptly noted that December 2018, the month Bitcoin (BTC) bottomed out below $3,200, was the last time the top cryptocurrency came close to this widely-tracked average.
Still the best-performing asset
Remarkably enough Bitcoin is still up more than 50 percent year-over-year. As ShapeShift CEO Erik Voorhees points out, there is a good chance that it has outperformed every asset in the world even after it plunged more than 45 percent from its 2020 peak.
Since BTC has entered a bear market territory, it seems improbable that the coin could bounce back here. However, this recent drawdown was actually in line with CryptoBirb's prediction who also forecasted that 2020 would be 'legendary' for crypto.
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