I got notified few minutes ago on the sudden drop of -11 % bitcoin price and I also noticed same thing also affected other altcoin, while in a post they said of price surging within 72hrs that is to say that from now till 20 August we might see a potential Green and may cross above 30k within the next 3 days.
But to my surprise seeing that bitcoin already gone below the predicted price, although I can't still argue the fact that price can be manipulative and something positive could hit the market and, instantaneously changes direction just as it did happen now. Such effect could like happened to bitcoin and the price might dip more or surge more.
Bitcoin market trend can swing anytime as long as there is a good catalyst for that swing to happen. At the current event Bitcoin had been bombarded by different negative factors, like the rumor of SpaceX sold around $372m worth of BTC. The Evergrande bankruptcy and the USD getting stronger. This factors are some reason why Bitcoin is dumping now.
What is possibly to happen in the market, more dip that's seeing below 20k or something similar?
And is this another sign for bear market?
If these kinds of negative even continue, then we can see Bitcoin slowly dipping to $20k but if there is some good news and new funds goes into the Bitcoin market, there is a possibility of market sentiment swing making Bitcoin to recover. Bitcoin is highly volatile and we all know that so the possibility of both ways happening is always there. I believe we are still in the bear market, and have not transitioned to bull market yet.
One thing is certain, in every Bitcoin market crash, DCA is the best approach to make. Since we will be buying BTC at a discount during this BTC dump event.