The optimism that had reigned in the crypto world for the past few months seems to be starting to fade. After a further drop in the price of Bitcoin placed the cryptocurrency close to losing its support at $ 30,000 per BTC. Therefore, for the crypto influencer and investor Scott Melker, the markets are in panic due to the fall of Bitcoin. As he comments in the Tweet of today:
Markets vs. Bitcoin
For several weeks, the cryptocurrency market has had the best moment in its history. After Bitcoin started what is so far its largest bull rally. Surpassing the barrier of $ 30,000 in a matter of days, before reaching its historical maximum price above $ 40,000.
However, what seemed to be a bullish rally impossible to stop, ended up cooling down these first days of January. When Bitcoin suffered a major drop from $ 41,152 per BTC to $ 30,525. A setback from which, although it partially recovered, ended up raising questions within the market against the cryptocurrency.
This situation has only been getting worse in recent days, reaching its culmination today, when a fall in the price of Bitcoin briefly made the crypto asset lose its support of $ 30,000. This, although Bitcoin finally managed to stay above 30,000, has caused many to lose confidence in the cryptocurrency. As mentioned by analyst Scott Melker on his Twitter account:
«My twitter vibe indicates that fear is beginning to appear».
Thus, Melker would be referring to the attitude of crypto users regarding this latest Bitcoin crash. Which could make those who are not totally convinced of the future of the crypto market to leave it. Something that would further weaken the price of BTC and the other cryptocurrencies.