Bitcoin is Down To $34,500 But Bulls Are Still Optimistic

Bitcoin has dropped to lows not yet seen this year, but while whales benefit, bulls are optimistic and bears are not surprised.

The price of Bitcoin dropped further on Saturday, January 22 as the market continued in a downtrend. This is the lowest value that the asset has dropped to since this year. Bitcoin has lost 48% of its value in November 2021, when the asset trades above $69,000 per unit. Since this year, the cryptocurrency has lost 17% of its value since the end of the year.

Traders and investors are eager to know when the recent downturn will reverse, considering that the price of BTC has a direct impact on all other cryptocurrencies. The consequence of the recent bloodbath is a higher dominance for Bitcoin as more investors exit positions in the coin market. Presently, the dominance of BTC is 41.4% while Ethereum has a dominance of 18.1%. The global market capitalization of the crypto market is $1.6 trillion.

Nevertheless, Bitcoin bulls are still confident that the recent downturn would reverse even though no one knows when. PlanB, a popular Bitcoin analyst on Twitter wrote that BTC would value x10 of its present price in a couple of years.

Some are worried about the current dip, but I am quite sure that btc will add another zero next couple of years. Embrace volatility!

However, the price of BTC at the moment is anticlimactic if judging from the high expectations many investors had in 2022.

Financial analyst Nouriel Roubini, the CEO of Roubini Macro Associates wrote on the consequences of the dump for retail investors.

Bitcoin is now at 36K, almost 50% down from its November ATH. So much for those who predicted that by now it would be at 100k, 200k, 400k. And it must be painful to be so rekt for all retail suckers who bought it in the frenzy when it was 69k last fall while whales dumped it!

Bitcoin’s rise to prominence has been remarkable, no doubt about it. Nevertheless, the highest beneficiaries are whales who routinely dump thousands of the coin, only to buy them back at the dips.

Author: Jofor Humani

Jofor is a crypto journalist with passion for investigative review of projects with the aim to determine the authenticity of their claims.