Bitcoin is giving off vibes as though it’s recent bullish momentum that has sustained the run which saw the digital asset hit $40,000 is over. The digital asset has undergone a little bearish run, with analysts and experts pointing to the run as a healthy price correction.
With the way things are going, it does look like the digital asset is indeed undergoing a massive bearish run on the back of the recent bullish run. To buttress this point, Bitcoin recently lost as much as $5,000 in the last few days as the digital asset leaped off its high, which was above $40,000 to trade around $35,000.
Bitcoin lost $5,000 of its value last week
Despite many analysts and experts making a case for Bitcoin reaching a milestone figure by the end of the month, it looks like the digital asset is primed to fail them this time. Most analysts have commented that they see Bitcoin at the $50,000 region by the end of January, with a smaller part of the analysts saying that the digital assets would hit the remarkable $100,000 figure by the end of the year.
With Bitcoin registering a gain of 40% in the first eight days of 2021, the digital asset has quickly succumbed to the bears, a move that is noticeable by the recent trade movements that the digital asset has registered in the past few days.
Traders and investors had begun to show disappointments at the digital asset, with a huge number of them cashing in their holdings since Bitcoin is now trading in a region that was not expected when it entered into 2021. One thing that would remain for sure is that Bitcoin still has a lot of room to improve because the year is still early, and traders do not expect a bullish run all the time.
Experts worry about the next trade pattern of Bitcoin
This recent bearish run is the second that the leading digital asset would undergo since this year began as it has already registered a bearish run where it lost close to $7,000 in the process. Even though the previous bearish run saw the digital asset gather momentum and continue its bullish run, experts say that it might not be the case for the digital asset this time around.
Other entities have pointed to several institutional investors’ activities, especially wall Street giants across the sectors. Arguments are ripe that several institutional entities are using this opportunity to cross over to the crypto department.
The experts report mentioned that even though most of them hold a huge chunk of digital assets, they are still ignorant of what the sector entails, which has brought about dire consequences for the crypto industry. Additionally, analysts and experts are still trying to get a clear reading of what will happen with the digital asset, with most of them mentioning that Bitcoins trade pattern is difficult to read now.