Bitcoin dropped below $ 4,000 the other day, disappointing many investors. Although the price of BTC has started to recover slightly and has reached the level of $ 5,500 again, there is still a lot of loss to be compensated.
Some analysts like Josh Rager think that this recovery process will not end soon, at least, and will continue for a while.
Money From The Market
Due to the decline of the crypto money market yesterday, a lot of money emerged from the market. The total value of the cryptocurrency market dropped more than $ 70 billion when Bitcoin fell to $ 4,000.
In addition, significant amounts of money emerged from the futures market. Again in the day when Bitcoin fell to $ 4 thousand, 1.5 million dollars long position was liquidated in BitMEX.
Did these investors’ accounts have been liquidated completely, exactly how much money they lost, etc. it is not possible to calculate things. However, even the table above shows just how big a decrease was experienced yesterday.
Will it come back to the market?
In order for Bitcoin and alternative crypto money prices to go up again, the money that comes out of the market must be re-entered. This process can take some time.
Josh Rager said in a statement on his social media account that this process would take time and that a sudden increase in Bitcoin price should not be expected.
According to well-known commentators like Crypto Michael, if Bitcoin price manages to stay above the support level, it may move towards $ 6,000 again. However, for this to happen, money must be re-entered into the market.