Bitcoin has had a miserable couple of months since hitting a new all-time high this year. The asset recently broke the $30K resistance level last week and fell down to $28K. Before promptly recovering back up over $30K and trending upwards towards $34K.
This is a critical resistance point for bitcoin. Breaking this price could be the beginning of a » Read more
” href=”https://www.newsbtc.com/dictionary/bear/” data-wpel-link=”internal”>bear market. Speculations are that Bitcoin could go as low as $10K if the price breaks $30K.
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But what if it never breaks that and stays upwards of $30K? Well, then Bitcoin could be in for another massive rally that could take the asset all the way up to $100K.
Bitcoin Price Movements
Historically, there has always been a big dip before Bitcoin rallies. The price usually stays within a certain price range for a period of time. Fluctuating slightly between up and down. But never making any substantial movement. After that, the ensuing rally takes the » Read more
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin usually to a new all-time high.
Bitcoin has now spent 17 days trading within the $20K to $30K range. While not a high number, it is the first time that this has happened. This means that there is an air pocket below the $30K line. It explains why traders have been battling to keep the price above $30K.
Bitcoin trading in the $30K range | Source: BTCUSD on TradingView.com
If the price can hold this line for the next month, then it is likely that we will see $100K per bitcoin by year-end. Holding at a critical point means that there is still faith in the market. People are buying back in because they believe that the » Read more
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin has hit its new bottom. And that might just be true.
Bitcoin has lost over 50% of its all-time high value. A number that usually spells the beginning of a » Read more