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Crypto Market Is Falling Into a Boring Pattern, What Is Next?

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Bitcoin to USD chart during last month
23
May
  • The crypto market has fallen into a pattern for the last two weeks.
  • Bitcoin still stands at around $30K.
  • Is it time for another bull run?

After the major fall down that was witnessed in the cryptosphere lately, the market has fallen into a boring pattern for the last two weeks. Bitcoin has been stuck at around $30K, Ethereum is also hovering around $2000, while the rest of the market is relatively stable.

During the fall down, the market witnessed some unusual numbers: Bitcoin has dropped below $27 thousand, as it dragged the market with it. Terra (LUNA) and TerraUSD (UST) have fallen to around 100%, which pushed investors and even government officials to question this fall.

The UK regulators have been studying the Luna crash along with the whole bearish fall to come up with new rules. Meanwhile, the South Korean government asked Do Kown, the founder of Terra (LUNA), to explain.

Do Kown shared on his Twitter page that a new version of Terra (LUNA) will be out, as he shared a link for burning Luna tokens in exchange for nothing. The Luna burn got Luna investors irritated since they are now expected to just burn their tokens and lose the value.

In comparison to the fall down, we can see that Bitcoin is now relatively stable as it hovers around $30 thousand. Charts are clearly showing a series of red candles followed by some smaller yet optimistic ups and downs.

Bitcoin to USD chart during last month (Source: TradingView)

In other words, as we follow up with the market, this fall might be followed by a bull, yet analysts and market enthusiasts are expecting a new fall down before the bull. Lark Davis, as an example, shared a theory in his latest Youtube video saying what if the Bitcoin price goes slightly up, hits the trade line that is going down, and goes back down before heading up again.

This is definitely not the only scenario, but this is a potential scenario. In other words, the market is going through a shaky phase that will eventually end with a bull, yet it is tricky to predict this bull’s timing.

One might argue that this is a good time to buy, yet keeping an eye on the market can actually lead to some accurate conclusions and decisions.

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