Bitcoin, according to one well-followed expert, is on the verge of making a major move now that it has breached a critical psychological support level of $30,000.
When individuals talk about the price of Bitcoin, they’re referring to the current market price of the cryptocurrency. Since Bitcoin is a totally speculative asset, this price is decided by how little sellers are prepared to charge and how much buyers are ready to pay. Even yet, because of market inefficiencies, the price of Bitcoin might vary between exchanges like Coinbase and Binance or currencies.
In a tremendous comeback and bull-run that began in 2020, Bitcoin gathered momentum for a complete year of price increases. This reached a new all-time high in April 2021, when Bitcoin hit $64,600.
DonAlt claims in a new strategy session that the anxiety and uncertainty in the crypto markets lead him to predict that Bitcoin may either spark a big collapse event or begin a rebound to $58,000, leaving BTC bearish and stunned.
“In the next month, two or three, we’re going to either see the capitulation everyone wants or we’re going to see this thing close back up the range and actually start moving back up the range again… There’s going to be an opportunity, be it at much lower because I have the next support at $14,000 or be it just by the range reclaim where I think there’s a good chance that this thing actually doubles again towards the range high.”
The present market structure of Bitcoin, according to the crypto specialist, indicates that the bottom is likely in. He is, however, concerned about BTC’s high connection with the stock market.
“There’s a good chance that it’s the end of the trend. I think there’s a good chance we will go up. But like I said, if this was just crypto, if we weren’t as correlated, I’d make a big, big bet on this being the bottom… I look at this thing and I’m like, ‘It’s probably close to the bottom.’ And then I look at the S&P… the S&P could just wipe out, [BTC] goes down to $14,000.”
Bitcoin is now trading at $30,445 at the time of writing. Is the price of bitcoin about to take another wild ride?