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Tuesday, October 26, 2021

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After briefly hitting $ 48k, Bitcoin will follow this “worst case scenario”


The value of the largest cryptocurrency, Bitcoin (BTC) eventually surpassed $ 48,000. He witnessed a rise of almost 9% in one day and saw the price hit this level for the first time, after its massive drop on May 19.

Bitcoin’s staggering price puzzled many people, especially Chartists who were unsure of the currency’s movement. However, as the market gained traction and miners came back online, there was a new momentum in the market.

This rise also confirmed the prominent chartist, Plan B’s prediction for Bitcoin for August. Plan B had indicated a “worst-case scenario” for the asset in 2021, which could cause its price to reach $ 47,000.

Given the way the market has performed in recent months, this price level was a mark of recovery for the king coin. As BTC broke through crucial resistance, a bullish reign cannot be confirmed yet. The attitude of the operators in the market is very important in the future, since the asset is close to 50,000 dollars.

If traders and investors remained bullish, the price could fall within the range of $ 48,000 to $ 52,000, as highlighted in the chart above. However, if the market could not support the current price, BTC may fall to the $ 42,000 price level. Another Bitcoin enthusiast came to a similar conclusion for the next Bitcoin move.

As market sentiment held “Extreme Greed” according to Alternative.me, Bitcoin’s realized market capitalization hit a new all-time high. Based on data provided by Glassnode,

This was a high value even though the price of Bitcoin remained almost 17k below its ATH. At press time, BTC was trailing from the $ 48k mark and trading at $ 46,963 while its market cap was $ 895 billion.

This is a machine translation of our English version.

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Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: Tammy@oicanadian.com Phone: +1 513-209-1700

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