Bitcoin price which is experiencing a major plunge may revisit lower levels close to $22,000 in the coming days.
Some analyst believe the current dip as a part of the Bitcoin price rally and expect the price to hit $100K very soon
Is Bitcoin’s Greed Over?
The bitcoin price rally is experiencing a huge decline in prices for a couple of days. While some believe it is a healthy correction, others hope that the asset is consolidating for a major push. However, according to an analyst, Jahir Jack, BTC price is expected to decline more than 34%.
As per the chart posted by the analysts, the bitcoin price is expected to complete the H & S pattern initially. Therefore, slashing the price close to $22,000 and again rebound to hit the ATH and form a new one. Interestingly, the analyst also said, in the worst cases, Bitcoin price may also do to zero.
However, the current scenario points out the immense FUD encircled around the crypto space as the majority of the crypto assets face a drastic plunge. In a very recent update, the Crypto Fear and Greed Index has dropped to lower levels since October 2020. Therefore pointing out for the bear market to continue.
Bitcoin Price Expected to bounce back
The crypto space seems to have conquered by the bears currently, as the global crypto market capitalization is currently below $900 billion. The massive 11% decrease in a single day indicates a huge storm incoming within the space. Yet some believe the current dips common within the bull rally and hence, surging with soaring numbers is imminent.
Jason A.Williams, analysts and author believes the dips are an integral part of the bitcoin bull rally and hence a good bounce may be expected.
Yet another popular analyst, Lark Davis predicts $100,000 per Bitcoin in 2021 as he feels that volatility is the price paid for the performance. Despite the crypto space is facing immense selling pressure, bulls are expected to enter the play very soon. And hence, the bitcoin price rally is expected to continue towards $100K