Eps 1498: The bearish downtrend of bitcoin since April
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Ethereum, the world's second-largest cryptocurrency, traded 6.3% higher to $3,755 at around 13:00 IST, according to data from CoinGecko, a digital currency and pricing data platform. At the beginning of 2022, the value of major digital assets continued to rise, with the price of bitcoin hovering around $40,000 and even below $40. In April, when Coinbase, the largest national cryptocurrency exchange by volume, issued an initial public offering, the price of bitcoin more than doubled to $61,684.
The market ignored this announcement and by October, Bitcoin was back above $60,000 and heading towards a new all-time high of $68,789 on November 10, 2021. seek direction and fell through the end of 2019, ending 2019 at just under $7,200. By the end of November 2013, bitcoin had nearly tripled from that point on, topping $1,200 before closing 2013 at $805, down from $541 a few weeks earlier. Bitcoin stabilized over the next two months, until October when it topped $13,000 again and eventually climbed to almost $20,000 in November 2020 as financial markets surged on Fed liquidity and COVID vaccine prospects.
In the latest illustration of bitcoin volatility, bitcoin fell below $11,500 at some point on Friday to hit $11,159, after starting the week off an all-time high near $20,000 and the biggest weekly drop since 2013. price mark it broke earlier this year on Monday night this year, leading analysts to predict the start of a bearish cycle. The price is up 15% since hitting a low of $33,472 per coin on Tuesday, but analysts at J.P. Morgan says the change in market structure signals further weakness on the horizon. Delano Saporu, founder of New Street Advisors, predicted Bitcoin's $17,000 floor price in its latest trajectory in the same post.
Vijay Aiyar, head of the Asia-Pacific region of cryptocurrency firm Luno, told Bloomberg that the price of bitcoin will hover between $20,000 and $40,000 before the end of the year. With the current bearish sentiment in the cryptocurrency market, Bitcoin could try to defend the major support level at $40K before the end of the week. A break above the recent high will push the price of Bitcoin to retest the prevailing resistance at $48,000. BTC price will fall further to the critical support at $37,577 if the bears break through the support at $39,000.
After the recent drop in the $40,000 psychological price level, the bears were determined to push BTC/USD to the $37,000 low. Bitcoin saw a false break of the $56,560 support price, BTC was unable to sustain the uptrend and settled at $62,000. The potential price drop came on March 14 when bitcoin soared above $60,000 and attempted a new all-time high.
In a December note to clients, Bloomberg Intelligence analyst Mike McGlone predicted that bitcoin would return to $1,500, but price volatility has begun to decline and a stability orientation has begun. While novice and new cryptocurrency traders alike may view the recent drop as a sign of a bearish reversal, Cointelegraph Markets analyst Michael van de Poppe sees the pullback as a bullish development for Bitcoin . According to the momentum meter, Bitcoin momentum has just returned to the downside for the first time since the last week of April 2020, just before the halving in the past. Bitcoin price sentiment in November and December 2021 was bearish and had an ongoing downtrend.
If Bitcoin manages to rock these investors in a week and reach $34,500 – the upper limit of the price support level calculated by Kate Stockton – then it could reach higher levels. All cryptocurrency predictions change over time, and this November could be the month that crypto king Bitcoin approaches the $100,000 mark, or it could drop to almost $50,000. Estimates of future bitcoin prices range from $10,000 to $50,000 by the end of this year. At the end of 2016, Bitcoin was flirting with $1,000, a level that Bitcoin surpassed in early 2017, a watershed year for Bitcoin when it comes to national consciousness.
Then, in August, investors started buying Bitcoin, waiting for San Salvador to make Bitcoin its official national currency along with the US dollar. Dominant digital agreements. Chainlink has struggled to maintain momentum and as a result, prices have returned from $35.4. Ten days later, the price of bitcoin was $12,931, and at the end of the year, on December 10, bitcoin was trading at $23,241 per unit.