Bitcoin’s Roller Coaster: From $70,000 to $30,000?

According to a crypto analyst, Bitcoin needs to drop to approximately $30,000 before continuing its upward trend and reaching $70,000.

Analyst predicts Bitcoin prices need to drop to key support level before reaching $70,000.

🚀 Hold on to your seats, Bitcoin enthusiasts! The path to $70,000 might not be a smooth ride after all. According to a crypto analyst known as CryptoCon, Bitcoin must first fall back to $30,000, a critical support level, before it can resume its upward trend. 📉

Historical Performance Points to $30,000

CryptoCon uses historical price performance to back up this bold assertion. The analyst argues that no Bitcoin cycle has reached its recent high without first revisiting the monthly least square moving average (MA). This MA is currently at $30,358. So, if past patterns hold true, Bitcoin could potentially dip to this level before bouncing back.

> Source: Crypto Con on X

CryptoCon also points out that the MA has consistently acted as a floor for Bitcoin prices, even during periods of high volatility. The only exception to this trend was the 2019 bear market triggered by the Black Swan event of COVID-19.

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Q&A: What are some other factors to consider?

Q: Is there enough data to support claims that Bitcoin has already bottomed? CryptoCon believes more confirmations might be needed before we can confidently say that Bitcoin has hit its lowest point. Based on their analysis, it’s highly likely that Bitcoin could drop as low as $30,000 by February or March.

Wall Street Accumulating BTC

While some Bitcoin holders may be disappointed by this prediction, there’s an interesting contrast at play. The United States Securities and Exchange Commission (SEC) recently approved multiple spot Bitcoin Exchange-Traded Funds (ETFs). This positive move, coupled with significant BTC purchases by institutional investors such as Fidelity and BlackRock, could potentially boost sentiment and propel the coin to new highs. 📈

> Source: BTCUSDT on Binance, TradingView

Even as prices experienced a temporary setback due to the liquidation of Grayscale Bitcoin Trust (GBTC) shares, the market seems to be recovering. The fact that these respected financial giants are accumulating BTC can be seen as a vote of confidence in its long-term potential.

Q&A: Can this retracement help stabilize Bitcoin for the long term?

Q: Will this retracement help stabilize Bitcoin and establish a more sustainable trend? This remains to be seen. While many experts expect prices to increase in the near future, CryptoCon’s contrarian position suggests that we might not be out of the woods yet. But hey, unpredictable market swings are all part of the thrill, right?

From a sentiment perspective, the Fear-and-Greed Index shows that the bulls are still in the game. With a reading of 55, up from 50 last week, the optimism is palpable.

> Source: Coinstats

Q&A: What other relevant topics are there regarding Bitcoin’s future?

Q: Are there any updates on Bitcoin adoption and its impact on the market? Absolutely! Bitcoin adoption is rapidly growing, with more and more in-person vendors accepting the cryptocurrency. This surge in adoption could potentially triple by 2023. Exciting times ahead!

The Future of Bitcoin

While the road to $70,000 might not be as direct as some hope, the underlying foundation of Bitcoin remains strong. The market’s recognition of Bitcoin as a valuable asset is evident in institutional investors’ interest and the increasing adoption worldwide.

As always, it’s important to remember that investing in cryptocurrency carries risks. But if you’re in it for the thrill and the potential rewards, buckle up and enjoy the roller coaster ride! 🎢

Recommended Resources

1. 13% Surge Sends AVAX Rumbling – Is This The Start Of Something Big?
2. Solana (SOL) Bulls Imminent: Analyst Predicts Price Surge To $113
3. Bitcoin adoption soars: In-person vendors accepting Bitcoin could triple by 2023!
4. Bitcoin price rally may breach $50,000 this month: Matrixport
5. BlackRock and Valkyrie name authorized participants, including JPMorgan, for Bitcoin ETF

Remember, knowledge is power, so stay informed and keep riding the crypto wave! 🌊

Featured image from Canva, chart from TradingView

Tags: #bitcoin #bitcoin price #BlackRock #btc #BTCUSDT #fidelity #sec #spot Bitcoin ETFs

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Hey readers, what are your thoughts on Bitcoin’s roller coaster ride? Have you prepared your seatbelts? Share your excitement and predictions in the comments below! And don’t forget to share this article with your friends who are equally passionate about crypto. Let’s spread the knowledge and keep the discussion going! 💬💪

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Note: This article is for informational purposes only and should not be considered as financial advice. Always do your own research before making any investment decisions.

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