Will Bitcoin recover from the recent slump? Crypto experts bullish on BTC in long term

Over the past few weeks, the price of Bitcoin has seen quite a downturn. Just a couple of months ago, in April 2021, the price of Bitcoin stood at its all-time high at around $64,000. However, since then the price of this cryptocurrency has dropped significantly. On May 19, the crypto world experienced a major crash, which saw the price of Bitcoin drop down to around $30,000. Since then the price of Bitcoin has been fluctuating in around $35,000 over the past few weeks. Many crypto investors are wondering - will Bitcoin recover? Read on to know why is Bitcoin going down and will it recover?

Will Bitcoin Recover?

The crypto markets work quite similar to the stock markets experiencing a period of growth, followed by a period of a slump in prices. This is called the bull and the bear market. The bull market signifies a time when the prices of cryptocurrencies rise continuously, creating a favourable market for the consumers. In contrast, the bear market is a time when the market falls significantly and stays stagnant for a long time, usually a period of 3-4 years. Looking at the Bitcoin chart from the past decade, it can be observed that Bitcoin follows the same pattern. Most crypto experts agree that Bitcoin will recover in the long term. 

Each time the crypto market experiences a new bull market, the Bitcoin price jumps up. As of now, many people are speculating whether the crypto markets have entered a bear territory. However, it's really difficult to say, as it has only been a few weeks since the price of Bitcoin has fallen. In the short term, it cannot be predicted whether the price of Bitcoin will recover or whether the market is in bear territory. However, based on previous patterns, it is inevitable that the price of Bitcoin will recover. This is supported by the fact that there is only a limited amount of Bitcoin in the world (21 million). Once all Bitcoins are mined, there will be no new supply of Bitcoin. So in the long term, as more and more people and corporations adopt Bitcoin, it's highly likely the price of Bitcoin will keep going up. 

Why is Bitcoin going down?

Over the past few weeks, a lot of negative news related to crypto has been coming out. It started when Elon Musk announced back in May that Tesla had stopped accepting Bitcoin payments, which started the fall in the price of Bitcoin. On May 18, China reinforced their ban on crypto, which directly lead to the crypto crash of May 19. More recently, Donald Trump appeared in an interview and said that he believes Bitcoin to be a 'scam'. All of these factors combined pulled down the price of Bitcoin to an extent. However, on June 9, the El Salvador President announced that Bitcoin would be accepted as legal tender in their country, which has already boosted the price of Bitcoin by around 6 per cent. Stay tuned for more updates on cryptocurrencies. 

DISCLAIMER: The information provided on this website is for educational and entertainment purposes. The information provided on this website does not constitute investment advice, financial advice or trading advice. Republic World does not recommend purchasing any cryptocurrency. Crypto markets are highly volatile and crypto investments are risky. Readers should do their own research on cryptocurrencies and consult their financial adviser before making any crypto investments. 

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