Why The Recent China FUD Is Bullish For Bitcoin

Bitcoin price has now tanked by more than 50% from top to bottom, assuming that the bottom is in. The storm of pain for investors has come due to a series of FUD, capped off by China’s strictest stance against crypto yet.

A high ranking member of the People’s Republic of China has proposed a crackdown on mining in the region, which has sent prices tumbling and miners scrambling for a new home. Here’s why this storm of bad news is actually incredibly bullish for Bitcoin, even though at the moment it is causing a correction across the market.

Only a month ago, Bitcoin price was trading at more than $60,000 per coin. This past week the top cryptocurrency per market cap crashed abruptly to half of that. Thus far the halfway point, a key Fibonacci retracement level, has been holding.

The sell pressure is coming due to the cryptocurrency’s potentially harmful impact on the environment. The concept was only recently brought to the forefront of discussion by Elon Musk.

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