Bitcoin Price Crashes Over the Weekend: Still No Recovery

April 20, 2021
  • Bitcoin price hit a new all-time high about a week ago, after reaching $64,548.
  • Soon after this record, the price started a period of a steady decrease, followed by a sharp crash over the we
  • The coin’s price dropped this Sunday from $60,407 to $51,476 according to CEX.IO before recovery.

The last week has been a very exciting time for Bitcoin. Not only did the coin hit a new all-time high, but it also crashed soon after, robbing investors and traders of a peaceful weekend.

Bitcoin Price Drops by Nearly $15k in a Four Days

The news of Bitcoin price dropping dominated the headlines over the last several days, and the main reason for the drop seems to be Turkey’s decision to ban cryptocurrency payments. According to last week’s reports, the country’s central bank decided to make crypto payments illegal, starting April 30th. 

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From what is known, owning crypto and trading it will still be legal. However, Bitcoin and altcoins can no longer be legally used as a means of payment in the country, after the end of this month.

BTC Price Crashes to Lower $50k’s

According to CEX.IO data, BTC hit an all-time high last week, around April 14th. Since then, it has been correcting slightly, reaching around $60k by late April 17th. The next day brought a shock to the crypto community as the coin crashed down to $51,476, after which it recovered to $57,603 on Monday, only to drop back to $55,116 at the time of writing.

While the events in Turkey had a negative impact on BTC price, the overall trend is still bullish, and forecasts predict that BTC can still go higher. My own prediction says that the coin will hit $80k by the end of Q2, and likely $90k by the end of the year.