On Friday, the bitcoin prices decreased to the lowest in the past two months. The recent significant decreases in bitcoin prices lead investors to believe that it will fall below the critical support, and it has done so. The price is reached below $53,000, later identified as the critical support providing price level to the bitcoin.
According to data shown on trading platforms, the most valuable cryptocurrency in the whole world, by market capitalisation, stood for $51,808 on Friday afternoon. It was the lowest price level after October 6 for the best cryptocurrency in the world, and however, it managed to reach back at a level of $54,000 earlier. Also, the closing value for the bitcoin on Friday was $53,000 in the evening. Therefore, it is not a stable asset for anyone who wants to avoid risk, register now.
Some of the most critical analysts across the globe on cryptocurrency say that this is the most critical price at which bitcoin should stand. It says that there are no chances of a bitcoin staying intact at $53,000, but it is vital for the investors and analysts.
It was also noted that there was a negative momentum in the cryptocurrency market and the stock market followed the same.
The prices of different stocks in different countries fell drastically, leading to the expectation of a further decrease in prices of financial markets. William Noble says that the $53,000 mark was significantly higher than in September this year.
$53,000 can also be considered in the ceiling below which bitcoin can enter the bearish market fees. Therefore, optimistic views about cryptocurrency bitcoin are not suitable for this time.
William noble also added that if the cryptocurrency kept on falling all the way along, the stock market would also be at stake for the investors. The assessment of a bitcoin to have a support level of about 50,000 to 53,000 is the expectation for investors.
There is a very well-settled thought in people’s minds when there is price support of $50,000 in any commodity; people are attracted towards it. Therefore, the same thing is happening with cryptocurrency Bitcoin.
When the prices were about $50,000, they were purchasing it at a considerable space, but now, when the prices are as low as $47,000, people feel it was me to invest money in bitcoin. He also mentioned that if we fail to hold the bitcoins at a price level of $50,000-$53,000, it can also be considered a support price of $45,000-$40,000.
The CEO of Invest Diva said that if bitcoin manages to sail through the current support price, there could be good things for it in future. Apart from this, she also said that bitcoin or the United States dollar could have to enter the double top bearish market reversal shortly if the daily better and keeps showing the same thing.
The Friday Deep can go as low as 38% retracement level. However, according to the psychologically fundamental level, this could be the lowest level of the daily cloud. In future, the bitcoin could enter the bearish phase even after breaking the price level of $53,000.
The bearish momentum can take bitcoin as low as 50% to 61% from its all-time highest price. Therefore, it is expected that bitcoin can stand at $49,000-$44,000 in future.
According to the experts, bitcoin is very volatile and therefore, we should never consider one face permanent. Everything that happens in the cryptocurrency market is temporary, and therefore, the same is the case with the present day.
Now the bitcoin prices are falling drastically, but there is the possibility that the prices will increase in the future. Bitcoin will reach very low, bounce back, and reach the new all-time highest price in the new year.
Therefore, expecting the bitcoin to increase is an optimistic view and realistic. Having considered all the historical data available, Looking forward to investing money in bitcoin is the right thing to do.
The chief investment officer of LedgerPrime says that the current pullback we are facing in the cryptocurrency market is undoubted because of the new Covid variant.
Also, apart from this, the increasing concern of inflation is bothering the investors. Therefore, the liquefaction of the cryptocurrency is at its peak.
However, every time the bitcoin prices fall, they increase, indicating that the bearish market is temporary. Therefore, give me experience the bullish mark your phase soon and therefore, waiting for that time is undoubtedly the right thing to do.
- By Pierre Borthiry on Unsplash