Bitcoin (BTC) Tanks Under $29,000 After A Classic Bull Trap, Still More Pain Left?

Bitcoin (BTC) Tanks Under $29,000 After A Classic Bull Trap, Still More Pain Left?

After crashing severely in early Could and all through April 2022, Bitcoin (BTC) did present some hope to traders final week by consolidating round $30,000 ranges. Nevertheless, on Wednesday, Could 18, the Bitcoin worth has as soon as once more slipped below $29,000 following a powerful correction within the U.S. fairness market.

In style Bitcoin critic Peter Schiff calls this a traditional bull lure for traders. In one in every of his current Twitter posts, Schiff mentions:

“I have to admit that I’m shocked that Bitcoin has held up this effectively. However don’t get cocky #HODLers. The market by no means provides traders this a lot time to purchase the underside. It’s extra possible this can be a bull lure to lure in as many extra consumers as doable earlier than the following main leg down”.

Many analysts have been speaking that Bitcoin might function an inflation hedge in the long run, nonetheless, it doesn’t appear to be true as per Schiff. He explains: “Rising #meals and #gasoline costs will put extra downward strain on #Bitcoin costs. That’s as a result of grocers and gasoline stations gained’t commerce their meals or gasoline for Bitcoin. So if Bitcoin #HODLers wish to eat and drive quickly they’ll be compelled to promote their valuable sats to afford to!”

Extra Ache Left In Bitcoin

We will’t deny the truth that Bitcoin has been carefully following the Nasdaq 100 index on Wall Road. So if the Nasdaq corrects additional, which has a better chance, Bitcoin might be in for a toss. Crypto analyst Lark Davis explains that Nasdaq has already corrected 28% from the highest.

On Tuesday, it tanked below its essential help of 12,100. Thus, we might be in for extra ache forward on Wall Road in addition to for Bitcoin.

If the BTC worth drops below $28,000, the following help stage will likely be at $22,000. Because of this altcoins might be in for extra ache forward.

Robert Kiyosaki, the Wealthy Dad Poor Dad creator says that he continues to imagine in Bitcoin or the long run. He tweeted:

I stay bullish on Bitcoin’s future. Ready for take a look at of latest backside. $20k? $14 okay? $11 okay? $9 okay? Why do I stay bullish? Fed and Treasury are corrupt organizations. They are going to self-destruct earlier than they regain honesty, integrity and ethical compass.

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