Is this September 2017 again?

This September the market reacted to Chian’s Evergrande debt by dumping cryptocurrencies in a panic. However, as Cointelegraph has pointed out, crypto has been in this situation before. Remember September 2107, when China announced it was ‘banning’ cryptocurrencies? It sent the price of Bitcoin tumbling, before it recovered and reached an all time high of $20,000 within three months.

This time, analysts see the Evergrande situation as a false alarm, and while we have also experienced another dip this year when China expelled crypto miners. Yet Bitcoin has managed to hold a line, and HODLers have kept the faith.

Rekt Capital stated that the sell-off last week merely highlighted the inexperience of newcomers to the market. “BTC investors who have been in the market for a while have heard many different iterations of FUD from China. But newer investors, unarmed with this experience, are the ones who are affected most,” Rekt tweeted. In other words, it was panic selling.

However, this panic selling erased several days of BTC price gains, including those resulting from Twitter launching Lightning Network tipping. At the moment the minimum closing price for September is expected to be around $43,000. Bulls have drawn a line in the sand in the mid-$30,000 range, and last weeks selling had little impact on support, which was still amassing below $40,000.