Bitcoin price slides below $30,000 multiple times since the early trading hours, however, recovers back
The price despite a significant recovery BTC price could still revisit lower levels before propelling close towards the set target at $100K
The bulls appeared to have jumped in as the Bitcoin price rally trends above $30,000. After visiting the lower levels multiple times the price could regain this position. Despite a little recovery still, the fear of BTC price revisiting the levels around $28,000 could be on its way.
A couple of signals point out that the recovery may be a short-lived one. The primary reason is the immense selling with the indicators failing to uplift themselves. The RSI and MACD both have slumped down showing very little chance of reversal. A popular analyst, Micheal van de Poppe has cautioned the rally to hit $24,000 if enough liquidity does not flow in.
However, the buying volume currently is negligible when compared to that of selling. And hence the fear of trending low or sideways remains if the price jumps to some extent.
Is $100K An Achievable Target For Bitcoin Price In 2021?
Despite the bearish trend, the BTC price is yet anticipated to rally above ATH. A popular analyst, Lark Davis explains, why he believes Bitcoin can still hit $100K. Yet he made it clear that these levels may or may not be reached in 2021.
The analyst points out various reasons in his thread that could rally the price including BTC market ROI, market sentiments and the FUDs like the end of crypto, regulations and china bans. He also pointed out the need for new fuel for the bull engine like 2020’s DeFi, Institutional buying in Q4 2020 and Q1 2021, etc. And hence currently, Bitcoin ETF’s can propel the BTC price as Gold ETF’s kicked off a 700% gain for the asset.
On the whole, the bitcoin price is trending in a deteriorating state where-in a higher daily close may prevent further loss. No doubt the current trend is bearish, yet the BTC price is still believed to hit higher levels above ATH by the end of 2021.