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‘Stop Trading Bitcoin Until Volatility Returns’, Says A Popular Analyst

Highlights

    Due to the lack of volatility in Bitcoin price, currently, it is better to halt the trade until it becomes eruptive again

    The investors are regaining their confidence in the Bitcoin price after a month-long of a blood bath on the streets

    After El Salvador, more nations follow the same plan and plan to regulate Bitcoin and its trade

As Coinpedia reported earlier that a death cross is awaiting the Bitcoin price, it seems the extreme sell-off has initiated. The BTC price had triggered above $41,000 a couple of days before, however, it kept plunging since the previous trading day. However, the price is expected to be uncertain, experiencing a plunge too.

Moreover, currently, the whales are selling off their holdings which indicates a bear or a fake-bull market. Therefore, the CEO of CryptoQuant, Ki Young Ju has advised the traders to stop Bitcoin trade until the volatility returns. 

As the chart clearly points out that the retail selling does not drag the price to a large extent compared to Whale’s selling. And hence, if the selling continues, the price may even drop to the levels close to $30,000 as predicted by many analysts.

Bitcoin Price May Still Hit $45,000

Despite the BTC price is expected to hit the lower levels in the coming days, yet a recovery may also be on the way. The price after a close-knit with the support levels could grow even to the higher levels above $40,000.

A popular analyst, Altcoin Sherpa predicts the price may eventually smash $45,000 very soon as the price is on the verge to rebound soon. 

The chart posted by the analyst mentions various support and resistance levels in which the price is expected to trend. Currently, the Bitcoin price appears testing the crucial support levels around $37,732 and may rebound without going much lower. Apparently, the BTC price may rise more than 30% to reach close to $45,000. And hence provide enough voltality for Bitcoin trading.

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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