It’s a well-known fact that cryptocurrency is a risky investment, but is it as risky as it seems? If the last few months are anything to go by, then the answer is a resounding, ‘yes.’ As of August 1st, the price of Bitcoin has plummeted to the depths of $3,000 (from the all-time high of almost $20,000). Bitcoin is now trading at a price close to $3,000. However, one thing that has many crypto-enthusiasts excited is the fact that the BTC/USD pair is reaching a key support level.
Bitcoin’s price has been on a roller coaster ride since it peaked at $20,000 in December 2017. In total, bitcoin is down more than 60% from its all-time high. In response, prices have traded below $3,000, $4,000 and $5,000 before bouncing back to near $12,000. So, is it possible for bitcoin to go back to the $20,000 level? It is possible if you look at the fundamentals. Trending topics that led to the price bubble in 2017 include the U.S. tax reform, the clearing of the bitcoin futures market and the emergence of bitcoin as a payment method. A price that is trading below the $4,000 level can be primed
The number of people who forecasted that Bitcoin would fall below the $30k support on June 12th was dismal, but it looks like a consensus of the technical community has decided that the number of Bitcoin fans that are wrong about this prediction is several times greater than that. However, the price is still “possible” to cross the $40k threshold, if we look at it from a different angle. Let’s see if Bitcoin is still possible to cross $40k, from now to the end of July.. Read more about when was bitcoin at its lowest and let us know what you think.Summary of the situation
- Today’s market has confused traders more than expected.
- Bitcoin managed to hold steady at $30k and avoid a major loss.
- If Wyckoff’s distribution is successful, we could see BTC move to the mid-40s.
Bitcoin is holding up the entire cryptocurrency market, which has led to a significant drop in trading volume, as well as a significant drop in the price of altcoins. The move was uncertain and people were waiting for the currency to drop below $30,000 or bounce back. So far, it has managed to avoid any confrontation with the lower levels.
He was able to keep his value above $30,000 and now has to wait for the coin to sell for $40,000. Analysts have clarified the situation, saying that BTC could jump to $40k, as it could not go below $30k. Bitcoin is currently trading with a lot of uncertainty and people are wondering if it will eventually fall.
Bitcoin price moves towards $40k
After showing a lot of volatility in recent months, bitcoin reached $30,700 on Saturday. This caused much concern among traders as to whether BTC would drop below the $30k price. Bitcoin has regained its status and risen. There was a pullback and bitcoin was trading at $33,000 on Sunday. According to several traders, BTC has not dropped yet and they believe that this is a false jump in the price of the currency.
Many major players have stated that although bitcoin may fall in the short term, it will definitely rise in the long term, so holders will reap the benefits of holding on to their cryptocurrency.
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