Three major things have depressed the price. Elon Musk, the “China ban” and the IRS saying they’ll seize your crypto. In my opinion, these news cycles are vapor in the wind. It will blow over. I would focus on the longer trend for Bitcoin since before January 2021 and the incredibly strong resistance level around $30k. As long as this holds, Bitcoin will have every opportunity to slowly begin climbing the ladder again.
$100k by Summer (my original prediction) may not happen now, but a solid correction phase that may be ending could give investors the confidence they need to reenter or double up on their Bitcoin and Altcoin investments. If $30k holds, $100k EOY is a very solid possibility given the right circumstances. Invest cautiously right now and be patient.
As I stressed last week, if Bitcoin breaks below $30k, which is also through the lower Bollinger Band, then we could see a selloff down $28k at first, with the worst being down to $16k, it’s last resistance point. If this event occurs, the bull market will probably be over for the year. But if you short this event, you can size up your position at a hell of a discount. In the end, Bitcoin will eventually go back up.