Can BTC Drop Below $35 as Bearish Sentiment Still Continues?

Can BTC drop below $35 as bearish sentiment still continues

Bitcoin is undoubtedly a highly promising investment. It got its global launch in 2009 immediately after the recession.

Many consider Bitcoin as a breather and tried their luck on this investment. The launch price of this token was only $1 in 2009. The token was not aimed to be an investment model. The primary purpose of Bitcoin was to enable peer-to-peer transactions. 

Bitcoin works on blockchain platforms and decentralized finance philosophy. Speaking of blockchain and finance, there are articles on the home page that gives informative news and tips for successful digital dealings.  The concept of blockchain is simple and easy to follow. Every user transaction breaks down into individual units of blocks. These blocks take unique IDs on their own. The good factor here is that user transactions do not link to user credentials. The data miners or validators undertake this activity remotely. 

The concept of decentralized finance is also easy and simple to follow. It means there is no intervention of any third-party regulatory agencies. Banking institutions, taxation, or any monitoring agency does not track them. It allows you to undertake transactions more easily. There is no dependency on any banking institutions as such. 

Many countries are coming up with making Bitcoin and other cryptos legal. There are steering committees and regulatory authorities set up to track this module. The pros and cons are being evaluated to understand the risk of investment. Along with cryptos, there are also allied services that have started taking roots. Blockchain tools, crypto exchanges, and ATMs are a few examples here. 

Features of Bitcoin

Before investing in Bitcoin, let us take a closer look at its various features of Bitcoin. 

Finite or limited supply

Yes, despite being a pricey coin there is a limited supply of Bitcoin. As per current analysis, the last Bitcoin will be mined in 2040. The total supply of Bitcoin is 21 billion. Bitcoin is the first of its kind where the supply of the coin has a higher cap. Once the last Bitcoin mining is complete then there will be further BTC mining. 

Immutable blockchain network

Every Bitcoin transaction is stored on a public network. It is immutable means every new transaction block has a linkage to the previous block. The network also makes it impossible to erase or change any transaction in the network. Every transaction goes through a massive cryptography process. These features make Bitcoin stand out from all other cryptos in the industry today. 

Popular asset for investment

Over the years, Bitcoin has gained much attention. As per recent estimates, there are more than 100 million active users. This is roughly estimated to be a higher population than Japan. Bitcoin is mostly considered an asset class. Also, many countries today consider Bitcoin as a legal exchange medium. Earlier, CEO Elon Musk had also given his acceptance of this coin. 

First coin to install the decentralized finance model scheme

Yes, Bitcoin became the first coin to bring this working model forward. The coin aimed to provide and enable peer-to-peer transactions. This means a user in the US can easily transfer his existing BTC to a counterpart in India. The transaction is through the internet using a speed computer. Also, the transaction takes less than thirty minutes to complete. The recipient can go ahead and either save the crypto for future use. If not the recipient can go ahead and sell the coin and redeem the same for traditional currency. 

Is Bitcoin price dropping in the global market?

Since 2021, Bitcoin fell in the market at lesser than $30k. This became a huge factor to worry for all crypto BTC investors. The past 24 hours made a loss of more than $90 billion in the market. The total market capitalization of cryptocurrency reduced from $2 trillion to $1.65. BTC is the largest and most popular crypto there is a reduction in its market cap also. The value of the currency has dropped by more than 5%. 

Is it good to invest in BTC now?

Going by market analytics and expert opinion, the best time to invest is now. Yes, buy your required quantity of BTC when the prices are down. Existing investors may look at diversifying their portfolios. It is also recommended to buy new units if necessary. The market will revamp and prices will increase in the coming days. 

LEAVE A REPLY

Please enter your comment!
Please enter your name here