BitcoinPrice Analysis

Bitcoin Price Slumps ! Traders Should buy the dip Or Wait More?

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On Wednesday, the crypto market is trading with a bearish bias as most top coins are red. As BTC falls below $61K, BTC, ETH, ADA, XRP and SOL too are seeing a downtrend.

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Bitcoin fell below $60,000 as traders took profits after a record-breaking rise as optimism about the first U.S. crypto ETF faded.

The most valuable digital currency fell as much as 6.4 percent to $58,132, the lowest intraday price in over two weeks. 

Popular analyst Micheal Van De Poppe has made predictions for how low price of BTC can stoop in the short term. In a latest tweet, he says as the token couldn’t break through $63.6K, $58K is the major support it can fall down to.

On Oct. 27, Filbfilb, the trader who predicted a collapse to $50,000 this week, maintained that even $57,000 appears to be unreliable as a local price floor. 

BTC Price to hit $300,000!

The pricing events in September and October 2021 are almost identical to those in 2017. Smart Crypto, a popular Twitter account that noted the trend, predicted an “explosion” in 2022. 

According to Fibonacci sequences, if the rest of the quarter follows the same timeframe as four years ago, Bitcoin values will skyrocket. These prices, which are an order of magnitude greater than the 2017 peak, might reach $300,000. 

While the technical edge is still in favour of the bulls, the bears have won a short-term success by sending the price below the psychologically important $60,000 mark. The 200-day moving average, which is currently lying around $54,255, offers a powerful floor support for the price activity.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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