Bitcoin (BTC) dipped deeper to challenge $40,000 support during Sept. 24 as the dust settled on what analysts stressed was a false alarm from China.
A classic bull run formula?
Hodlers had been frustrated but remained unfazed by the news that China had allegedly upped its cryptocurrency “ban,” this in fact simply being a reiteration of the People’s Bank of China’s existing restrictions in place for four years.
The events have a ring to them — in September 2017, the original “ban” announcement sent Bitcoin tumbling, only to recover to its original levels within weeks and set a new all-time high of $20,000 less than three months later.
The fact was not lost on long-time market participants, including those on social media, where the China news had initially resurfaced and sparked panic.