Bitcoin Drops From $48,000 to $41,500: Is It Time to Panic? Here is everything you need to know!

The post Bitcoin Drops From $48,000 to $41,500: Is It Time to Panic? Here is everything you need to know! appeared first on Coinpedia Fintech News

With a massive drop of over 12% in just a few hours, market sentiments appear to have flipped in bearish favour. In the meantime, some have also begun to look out for the lower targets at $10,000. Amid the bearish speculation over the impending trend, the probability of the BTC price triggering a fresh descending trend emerges. With this, is there any reason to fall into a FUD trap, expecting the price to reach the lower targets? 

The year 2023 has historically been a bullish year, with the Bitcoin price recording over 180% growth. As a result, the bulls have gotten exhausted, which has caused a minor pullback in its prices. However, the BTC price, in the long run, continues to remain under bullish influence, which suggests the ascending trend could be revived very soon. 

The long-term price suggests Bitcoin is well-positioned to form a new ATH in late 2024 or early 2025. The 2022 bear market compelled the price to drop below the lower trend line, which attracted significant liquidity, triggering a healthy rebound. After maintaining a notable upswing throughout 2023, the levels have risen above the trend line. Moreover, the price appears to be heading towards the apex of the ascending triangle, which may further initiate a fresh bullish trend. 

Historically, Bitcoin has undergone multiple downfalls on its way to forming a new ATH. Back in 2016–17, the price faced a 30%–35% plunge more than five times to mark the highs above $19,000. Later, during the 2021 bull run, the token also faced a similar bearish action to mark new highs close to $69,000. Now that the BTC price is facing fresh bearish action, it may be another pullback before marking new highs, probably $100K.