Black Thursday again? Analyst Says Bitcoin Could Drop To $ 30,000

Bitcoin has been on the decline for five days now. Another bad news came on Wednesday when the People's Bank of China said that digital tokens cannot be used as a form of payment. After the announcement, both BTC and ETH fell 5%. Bitcoin's price has already dropped more than 35% from $ 56,000 to $ 41,000. This is one of the fastest top-down retreats experienced by the cryptocurrency in the past year and is reminiscent of the March 2020 crash, where it lost more than 50% of its value. On CNBC, 'Chartmaster' Carter Worth said that BTC could drop to $ 29,000. According to Worth, there have been 11 corrections of over 35% in cryptocurrency history, and this generally followed a 55% drop. If history repeats itself, we can see that the price of BTC is testing the $ 29,000 support. Another bearish sign is the peak of Bitcoin entry moving towards Binance. In its weekly note, Glassnode explained that the increase in entries could indicate that new entrants are selling their coins in panic and investors are turning to other cryptocurrencies. Peter Brandt, a popular analyst who predicted a bearish market bottom in 2018, tweeted that Bitcoin's recent price movements have shown a similar pattern to that of 2018. Tesla CEO Elon Musk announced that Tesla will stop trading. Accept Bitcoin as a payment method due to environmental concerns. However, many analysts and researchers pointed out that Bitcoin mining uses less energy than traditional banks. Musk's change in attitude to bitcoin, coupled with an economic downturn caused by an epidemic, causes fear among investors. How to Take Advantage When BTC's Price Falls Bitcoin can risk continuing to fall in the short term, and many investors start selling their coins. However, selling is not the only option in the bear market. Futures trading allows traders to make profits by bypassing their crypto assets. To let

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