Bitcoin price dipped to $30,000 zone today which accounts for more than 27% downfall from its all-time high $42,000. After Bitcoin crossed its previous all time high price of $19,600, price went vertically 100% which was certainly insane and too fast.
If we analyzed the previous bull-cycle of Bitcoin, there are multiple 30%-40% drop from $1100 to $19,600 run. Hence this 27% dip is as usual and expected. Bitcoin needs more time to cool-off to accumulate before sky-rocketing to higher price zone. The price of $30,000 or so might not reappear again as Bitcoin is preparing for $50k next.
Even though long term price target is 200k-400k USD by October of 2021, we might see Bitcoin at $20,000 zone in worst case situation for the last time.
Note: This is not a financial advice; we are not your financial advisor; this article is just a price speculation based on historical data of Bitcoin price.
