25.05.202114:23 Forex Analysis & Reviews: Bitcoin's price needs to collapse before it hit new all-time highs of $ 120,000

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The crypto market began to recover on Monday after a massive cryptocurrency sell-off over the weekend. Ethereum rose by 25% and Bitcoin by 15%.

Bitcoin has accelerated by almost $ 8,000 in just 24 hours and overcame the level of $ 38,000.

Ethereum, the second most popular cryptocurrency, has surged more than $ 2,400:

Dogecoin also rose. It last traded at $ 0.33 and gained 12.59% after the weekend:

In general, most of the cryptocurrencies are in the positive area.

The sell-off was triggered by reports of stricter regulations coming from China, Hong Kong, and the United States.

On Friday, China called for tougher rules for mining and cryptocurrency trading. This was announced by Vice Prime Minister of China Liu He and the State Council, saying that it is necessary to take tough measures against mining.

This came after China had already announced that it would ban financial and payment institutions from providing crypto services.

The Hong Kong authorities also said at the end of the previous week that crypto exchanges must obtain a license from the city's regulator and will only be able to provide services to professional investors.

According to Reuters, changes in the laws can be expected at the upcoming session of the city's legislative assembly in 2021-2022.

In addition to China, the U.S. Treasury has proposed strengthening tax compliance with a new requirement to report to the IRS any cryptocurrency transfers worth at least $ 10,000 or more.

According to InvestorsHub's Clem Chambers, Bitcoin's price is likely to further decline before rallying again to new all-time highs. He stated that Bitcoin and all cryptocurrencies are in the middle of major corrections that could cause prices to fall even lower. In particular, Bitcoin could correct up to $ 20,000.

"In the short term, I am really set to fall, and then to global growth in the long term, as it was in 2017." Clem Chambers of InvestorsHub said. He added that when prices are ready to rise again, Bitcoin could hit new all-time highs of $ 120,000.

What really drives Bitcoin's four-year bullish cycle is a process known as halving. It is when the remuneration of miners is halved. Thus, the supply of new coins is halved, and this pushes the price up. The next growth will allow the price to reach the $ 120,000 mark, but it will not happen until the price declines to $ 20,000 - $ 10,000.

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