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08 March 2021

Bitcoin price crashes below $48K, but is the bull market in danger?

Bitcoin price crashes below $48K, but is the bull market in danger?


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At the bottom, Bitcoin will be called "dead" and a Ponzi once again, after which the price has historically recovered.

The critical question now, however, is whether the market will see a prolonged correction or if Bitcoin’s price will hold above the green box shown in the chart above.

The weekly chart for Bitcoin shows some beautiful historical data, which shows that March tends to be a period of correction or consolidation.

In that regard, the critical indicator to watch is the 21-Week MA, which should hold Bitcoin’s price from dropping further.

In that perspective, the current price level of the 21-Week MA is found at $28,000, and this will crawl up to $32,000-$34,000 in the coming weeks.

Thus, the recent higher low is created at $30,000, which means that a further drop toward $38,000-$40,000 is not unlikely as that would be a regular 30-40% correction.

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cointelegraph.com
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