Bitcoin Drops: Is the Bull Run Finished?

Bitcoin (BTC) is hovering just above $70,000 on Tuesday morning and could easily drop below that level over the next few hours. Are we seeing the end of the current bullish trend?

At the time of this writing, Bitcoin was sitting at $70,724 (BTC/USD), which is a 2.64% drop from the previous day. That may seem like bad news and the final word on the bullish trend that Bitcoin has been enjoying, but investors should not lose hope just yet.

If we look at Bitcoin’s performance over the past seven days, we will see that it has grown by 7.53%. The coin ticked upward steadily from one day to the next, showing slow but regular growth back toward the $70k level and beyond. The drop today may be a setback, but Bitcoin has not lost all its recent gains.

That means that the coin may be able to pick back up right where it left off, and it could do that very soon. Bitcoin might do that before the end of the day.

What Could Push Bitcoin Higher?

There are a few indicators to watch out for that could help Bitcoin achieve a new record high and keep on pressing upward toward $80k and even $100k very soon.

The first of these is the inflation data to be released tomorrow. US inflation numbers are to be announced on Wednesday, or more specifically, US CPI data is coming out then. This Consumer Price Index data will help traders see where inflation has been headed and hopefully show signs that it is decreasing.

If that data is positive, it could spur Bitcoin on much higher and give it a push past the old all-time high.

Traders should also be looking ahead to the Bitcoin halving, which is taking place in just 10 days. That should give Bitcoin a push as well, and the surge toward a higher price point tends to happen in the lead-up to the halving, which means we could see greatly increased Bitcoin trading interest in the next few days.

Despite the decline this morning, Bitcoin is likely to turn around very quickly and keep moving higher before the end of the day. The dip at the moment could be a great opportunity to invest.