After two months of consolidation, Bitcoin and its crypto-competitors are now testing the $30K level. If volumes remain the same, it will take a while to reach the next level of resistance at $40 to $50K. By the way, one thing that is very clear to me at this moment, is that the popular sentiment is starting to move in favor of the new altcoins. After the post-Bcash price rally, momentum is now starting to shift to the new currencies.
Bitcoin has spent the last two months at $30K, a level which is causing many to wonder why prices haven’t moved any further from this level. However, a recent study has suggested that the price may not be as high as many are expecting. ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~Bitcoin (BTC) has been hovering in a price range for nearly two months after hitting the $30,000 mark – and new data offers clues as to why.
In a series of tweets on the 15th. July, popular Twitter commentator Nunya Bizniz made many arguments for the importance of $30,000 for BTC/USD.
All roads lead to $30,000?
Despite rising fundamentals and continued implementation, the BTC price movement has not resumed its upward trend.
Bitcoin is still 50% below recent all-time highs and has no direction, suggesting a bearish outcome to its eight-week sideways movement.
For Nunyaz Biznis, there are a number of technical factors that come together to support $30,000 as a concentration level.
That includes $30,000, roughly the 1,618 Fibonacci expansion level on the monthly chart from the late 2018 lows of $3,100, and the opening price of 2021.
Its psychological significance is enhanced by the fact that it is a round number and, as others have noted, that it is part of a long-term trendline that sees $64,500 as a mini-run to a breakout high.
This represents approximately 1,618 Fib Ext. The latter was tested as support in the previous two cycles, but never closed lower on the monthly chart, according to the commentary on the Fibonacci phenomenon.
This time.Comparison of BTC/USD chart with Fibonacci extensions. Source: Nunya Bizniz/Twitter
study defends bitcoin’ssuper cycle
The importance of bitcoin not falling below $30,000 and being able to recover that value reinforces existing fears of a complete collapse of the BTC price.
Related: The bitcoin metric is experiencing a decent rebound in a move that historically heralded a bottom for the BTC price.
Amid the turmoil, some warn that it is a matter of interpreting events to impose one’s own bullish or bearish stance.
Meanwhile, bitcoin itself is not as weak as the price suggests, as the fundamentals confirm.
Regardless of your risk tolerance, it’s important to develop a strategy now so you don’t miss the next wave of the current bitcoin supercycle, Stack Funds concludes in its latest report published Thursday.
1-day candlestick chart of BTC/USD (Bitstamp). Source: TradingView
Nunya Bizniz, sees Tesla’s BTC reserve as a potential obstacle. Below $30,000, the user estimates, the company will begin to be underwater, which could trigger management’s demand to sell more to cut losses.
According to Cointelegraph, investors have already entered an accumulation phase of about $30,000.
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