Worth recollecting the shutdown of the Chinese mining industry and the post reaction in the cryptocurrency market after the corona virus crash.  This is not the first-time bitcoin is coming to a crash.  It has happened many times before and it has risen many times later.

The 37% price drop in May 2021, was triggered by China’s efforts to crack down on mining and trading of cryptocurrencies, and further related to Tesla’s move to halt payments over worries about energy use.

The Elon Musk effect of May 2021 wiped out nearly $1 trillion of wealth. When China warned financial institutions against offering crypto services and even curbing bitcoin mining due to concerns of excess speculation, in May 2021 Bitcoin went from 60K to 30K in 10 DAYS.

The market bounced back later in November 2021 and the price of BTC set a new all-time high. So, it is not dooms day for BTC.

When China stopped mining, they said all is lost, but no the market continues to survive.  The magnitude of the recent losses in the market is indeed an over exaggeration as opposed to the right taste for things to come.  The idea of “overbought” “oversold” and “risk-off” and “risk on” continues.  There are natural changes in on-chain behavior as Bitcoin matures.  It is about value now.  The market has value.

Twitter handle Bitcoin expressed: “The interconnected global financial systems are built on an unstable foundation of bad debt. Approaching storms of debt, civic decay and global disorder may merge into one super-storm of destruction. It is past time to move to higher ground, batten down the hatches & deleverage.” 

Considering the history of the cryptocurrency market, we are not looking at a long-term reversal. The price of bitcoin will surely fall as it rises high, that is the nature of the asset. And, any time the price falls down, users need to recollect that it is never too late for Bitcoin.

Michael Saylor expressed: “We’ll walk this road together, through the storm. Whatever weather, cold or warm.”

Guido Buehler, the CEO of Swiss bank Seba, told CNBC, the price of Bitcoin will touch $75,000.

Carol Alexander, professor of finance at Sussex University, said she expects Bitcoin to tank to as low as $10,000 in 2022, virtually wiping out all of its gains in the past year and a half. 

There are extremely polar opinions about the price of BTC. Such opinions will continue to be.