Many investors are frustrated by the expansion Chinese ban on cryptocurrencies. China also published such an extensive restriction 4 years ago in September 2017. What followed then? By December, BTC had risen to $ 20,000 at ATH in 3 months.
This fact has not disappeared even for long-standing market participants, including those on social media, where Chinese news initially emerged and caused panic.
The same thing happened in September 2017. China said they were banning #BTC and it dropped by over 30%. But #BTC made a full recovery in few weeks then hit new all time highs in December that year.
As the saying goes ‘history doesn’t repeat itself but it sure does rhyme’ pic.twitter.com/Xi8euPK916
– John Satoshi Wick (@JohnSatoshiWick) September 24, 2021
For a trader and analyst, Rekt Capital, meanwhile sale only pointed out the inexperience of newcomers to the market:
“BTC investors who have been on the market for some time have heard many different news from China. But the new investors, unarmed by this experience, are the ones most affected. ” wrote on Twitter on this day.
Untouched BTC support for $ 38,000
However, this step erased for several days profits from the BTC price, including those resulting from the launch of the Lightning Network rewards on Twitter. However, if we look at the composition of the spot market, it was clear that sales had little effect on the aid, which was still accumulating below the $ 40,000 mark.
The minimum monthly close price for September meanwhile still remains at $ 43,000. So will the scenario be repeated 4 years ago and will BTC grow to a new ATH by December?
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