The crypto market has been clouded by bearish sentiments for more than a month now, which has made it difficult for newbies and short-term traders to get along. During this time, Bitcoin had dropped below $18,500, dragging the other altcoins down with it.
However, the trend has reversed for today with the overall market signaling green. The flagship currency has regained the lost $19,000 area, pushing other altcoins to perform. At the time of reporting, Bitcoin is valued at $19,810 after an upswing of 3.81% over the last 24hrs.
Looking back, it’s easy to observe that cryptocurrencies have proven to be better assets and investments than other options in the market. Now, though investors are backing off from investing in the crypto market during such times, this could be a buying opportunity due to the low prices and dropping volume rates.
Massive Opportunity For Traders!
This isn’t the first time the crypto market has witnessed a drastic price crash. In mid-2020, market participants had spent most of March and April in extreme fear. However, this was followed by Bitcoin’s massive surge by nearly 100%, moving above the $10,000 area from its March 2021 dip of below $4,000. Now, as the crypto market is struggling to recover, we can say that the extreme fear phase is the one which leads to bullish momentum, eventually.
On the other hand, as yesterday’s CPI data is pointing towards an increased inflation rate, there are possibilities for the Fed to increase interest rates once again. However, this downward trend won’t last long and the crypto market will eventually rise.
The same has been confirmed by Rich Dad Poor Dad author Robert Kiyosaki as he had predicted a massive buy opportunity in the early days of Oct 2022.
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