Why has BTC dropped too hard, and how long can it fall?

4 Dis 2021

BTC dropped below the long-term trend line support started from July this year.

Bitcoin dropped nearly $10000 price value in the last 4 hours, and it lost its almost 40% value from all-time high price level.

Yesterday, the USA labor market report printed negative, though the market expected more optimistic than before.

As a result, the US stock fell, and the bitcoin price. Today is a holiday for the currency market, but crypto markets are always open.

Any assets like bitcoin, such as big moves in holiday, means investors are taking profit or something happening like manipulation.

I don't think it happened by manipulation because Bitcoin itself is the product of manipulators. And we make a profit from any cryptos just from spread betting as it doesn't have instinct values.

So, ahead of Christmas and the new year, profit-taking is expected to be a must. But after profit-taking, BTC will go up for sure as long as investors' demands have existed BTC as a spread betting asset.

So, this massive job happens just for profit-taking. So, don't get panic. Now the question is, how long can it drop?

$51500 was trend line support, but BTC dropped below the trend line support. So, it is expected that BTC has more room to fall.

The present rate's next support identifies nearly $42000/$40700 Price zone. And BTC price already tested $42000 price zone after massive fall.

BTC price may correct to the upside moreover $50000/$52000 price zone. But the downtrend will still be valid as long below the $60000 price zone. After that, it may gradually point its final target to the $31000/30000 price zone until next year.

As this is happening for profit-taking, investors are expected to reinvest until the new year unless they find BTC at a bottom price. From my personal view, $32000/30000 will play as BTC's bottom price, and investors may start to reinvest.

So, either I will wait for the new year to reinvest, or BTC's tested at its bottom prices.

This is only my personal view about BTC, and it is not a trading signal or advice.