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Is Bitcoin in trouble? The market shows signs of the 'Xi Jinping model' again, analysts warn it could drop to new lows!
The 'Xi Jinping market' reappears for Bitcoin, and analysts warn it could drop to new lows.
This Monday, Bitcoin rose to $95,000 at one point before a significant pullback, landing below $84,000 at the time of writing. When Bitcoin dramatically rebounded, a doji candlestick formed on the weekly chart, with analysts noting its striking similarity to the 'Xi Jinping market' in 2019.
Cryptocurrency analyst Cold Blooded Shiller pointed out that during the bear market from June to October 2019, Bitcoin market sentiment was low, but on October 25, 2019, Chinese leader Xi Jinping's support for blockchain technology resulted in a significant Bitcoin surge. However, good times were short-lived, as China subsequently implemented a series of crackdowns on activities like cryptocurrency and mining, leading Bitcoin to hit a new low within 30 days.
This Monday, Bitcoin rose to $95,000 at one point before a significant pullback, landing below $84,000 at the time of writing. When Bitcoin dramatically rebounded, a doji candlestick formed on the weekly chart, with analysts noting its striking similarity to the 'Xi Jinping market' in 2019.
Cryptocurrency analyst Cold Blooded Shiller pointed out that during the bear market from June to October 2019, Bitcoin market sentiment was low, but on October 25, 2019, Chinese leader Xi Jinping's support for blockchain technology resulted in a significant Bitcoin surge. However, good times were short-lived, as China subsequently implemented a series of crackdowns on activities like cryptocurrency and mining, leading Bitcoin to hit a new low within 30 days.
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