Bitcoin’s critical point

It’s a fact that Bitcoin has an influence when it comes to the token prices of other cryptocurrencies. Even PrivacySwap’s PRV2 and PRVG can be influenced by Bitcoin’s movements. With this, it is essential for us to look into Bitcoin as part of our decision-making process, for it provides us an insight into how the general market will move following Bitcoin’s path.

Essentiality of patterns

Cryptos are all about patterns. They are what determines what path will the crypto take, either for a long bearish season, or a short bullish one. Technically, it is the Orb that traders use to predict its future price and the best time to buy it.

Generally, traders use these patterns to provide them perspective regarding decisions when to sell or buy in the smartest and most efficient time possible. It shows traders the potential of the crypto and helps them wrap up their minds either to invest or not.

Using this information, it makes sense that one should analyze Bitcoin’s patterns as it is the only way to predict its future movements. However, looking at its current state right now, many are worrying that Bitcoin is heading for the biggest dip in history.

Also Read: Crypto Cards are giving Bitcoin purchase power

A critical point

Source: CoinGecko

Bitcoin is struggling to bounce back after market correcting for three months after it reached the all-time high of $69,044.77 on Nov 10, 2021. Currently, it is dangerously sitting at $36,698.22. If this decline continues, it may go beyond the established trend line and could go further down until it settles to a new resistance level.

With this, Bitcoin is currently at a critical point of crashing, which will only mean that all other altcoins that it influences will also crash. If this happens, it will take time to recover, and the whole year of 2022 could be a gloomy year for crypto.

A blessing in disguise

For a lot of seasoned traders, this is an opportunity to increase their hodlings at a low price. It is the time of the year when they will continuously build their portfolio without spending much money on the same quantity.

While others may be disappointed that the year 2022 could be a bearish season for crypto, the majority of the pioneering traders are preparing and rejoicing if ever that happens. With this in mind, the looming crypto crash depends on how traders take it, but generally, those who look forward to it are seasoned traders.

Also Read: Bitcoin technical analysis for beginners

| Website | Telegram | Telegram Announcements |

| Medium | Twitter | YouTube | Gitbook |



Be a part of PrivacySwap, be a part of a better DeFi.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store