Bitcoin (BTC) Price Yet Again Falls Under $30K Mark as Bears Takeover

The 'Big Short' Famed Michael Burry Warns of Looming Recession
  • As per the analyst, a new bottom is building for the next bull market in Bitcoin (BTC).
  • Bitcoin has been down 2.08% in the last 24 hours.

Andrew Kang, MicroStrategy’s new Chief Financial Officer, has shown a strong commitment to the company’s objectives so far. Previously, the company stated that it would not be selling any of its BTC holdings. A recent interview with Kang reaffirmed this plan amidst speculation.

More than 30 central bankers and 12 financial regulators from 44 countries gathered in El Salvador on May 15 to discuss how to increase financial inclusion and bank the unbanked via Bitcoin’s digital economy, President Nayib Bukele stated.

Bullish Wave Expected

The bear market is taking a toll on Bitcoin (BTC). With Bitcoin’s price dropping below the critical $30,000 threshold, the crypto sector is under pressure. However, PlanB, the originator of the stock-to-flow (S2F) model, says that the bear market is nearing its end. Because periods with the RPMA 1 and the Relative Strength Index 50 have historically been favorable opportunities to purchase, he is bullish. However, PlanB believes that RPMA and RSI may not return to their pre-crisis levels for some time.

BTC/USDT: Source: TradingView

According to a recent report from the analyst, a new bottom is building for the next bull market in Bitcoin (BTC). When PlanB tweeted that the bear market is nearing an end, the price was expected to begin increasing again. He thinks the present RPMA and RSI readings indicate that Bitcoin has hit bottom. However, a rebound might take from six to nine months to as little as two months. The Bitcoin is now trading sideways around the $29,000 mark.

According to CMC, the Bitcoin price today is $29,311.69 USD with a 24-hour trading volume of $28,014,297,765 USD. Bitcoin has been down 2.08% in the last 24 hours.

Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.