However, things took a turn for the worst on Wednesday, May 18, when the price of Bitcoin plunged again below $29,000 following a significant fall in the equity market in the United States. This brought about a new phase in the unfolding drama.
In light of this, Bitcoin critic Peter Schiff has reiterated his long-standing critique of the largest crypto for its lack of price stability.
Hodlers shouldn't get too happy about this since there is a limited amount of time for investors to buy the drop because Schiff acknowledged that he is surprised at how well Bitcoin has maintained its value for such a long period of time. In order to entice significant purchasers, the recent temporary recovery has been used as a bull trap to draw in investors.
Bitcoin is a long way from reaching such a position, according to Schiff, despite the fact that many professionals in the sector see it as the ideal way to protect oneself against inflation in the future. He says that the rising inflation, which is caused by the high price of energy and other essentials of life, would put additional pressure on Bitcoin, which it is unable to bear, and that this would result in Bitcoin being less valuable.
A large portion of one's Bitcoins should be sold in order to fund food and transportation, according to Schiff.
There will be more reductions in price.
There is no denying that Bitcoin, the cryptocurrency with the greatest market capitalization in the world, has been slowly following the trend of the Nasdaq 100 on Wall Street for some time now, and industry analysts have been talking about it. This fact cannot be refuted.
Bitcoin's price could experience yet another swing in the market if the Nasdaq index goes through another round of corrective action, which is a distinct possibility.
According to a crypto expert by the name of Lark Davies, the Nasdaq has dropped as much as 28 percent from its all-time high, which is more than it has ever done in a decade.
In the meantime, it continued to fall on Tuesday, breaking through a key support level located at 12,100. Therefore, additional suffering is in store for Wall Street as well as for Bitcoin and those who hold it.
In the event that the price of Bitcoin falls even further, below $28,000, the next support zone that becomes available is at $22,000. As a result of this, the prices of altcoins are expected to continue falling over the next few weeks.
Rich Dad Poor Dad author Robert Kiyosaki is optimistic about the long-term prospects of Bitcoin. He stated in a tweet that he is looking forward to exploring new price bottoms, whether they be 20,000 dollars, 14,000 dollars, or much lower.
The author claims that he continues to have a bullish outlook on Bitcoin due to the fact that the Federal Reserve and the Treasury are both self-serving organizations that are on track to self-destruct before honesty and integrity can be linked with them. Kiyosaki went on to say that their actions demonstrate a complete lack of moral fiber.
There is continuing discussion over the continued possibility of an imminent market comeback for bitcoin. However, it is impossible for anyone, not even the most enthusiastic advocates of Bitcoin or the most experienced traders, to predict when this period of suffering would end.