Price Analysis

Bitcoin(BTC) Price Could Fall 20% Lower! But a 200% Rally Is Imminent!

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Highlights

    Bitcoin is all warmed up to claim newer highs, as it conquers its new ATH of $68,641.57.

    Analyst hints at a possible 200% rally to follow, but a price correction could be imminent.

Digital currencies are growing at a rapid pace, more than ever before. The crypto industry is now not limited to enthusiasts in space. But is sprawling across newer industries and towards the masses. And Bitcoin has always been the leader of the space, with immense popularity. 

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The star crypto has conquered its new all-time high of $68,641.57 a couple of hours prior to press time. Hodlers toast the achievements of BTC claiming newer highs on the market charts. Meanwhile, the dominance of Bitcoin has grown to 43.8% at press time. Meanwhile, the Bitcoin lightning network surpasses 80,000 channels.

Will Bitcoin Price Pose A 200% Rally? 

BTC price at press time values at $68,230.90 with profit-making gains of 4.0%. While the market cap of the coin is around $1,287,377,285,127. The trading volume for the last 24-hours levitates around $40,559,489,832. As aforementioned the digital asset hit its new ATH of $68,641.57 a couple of hours prior to press time. 

Bitcoin had previously brushed levels of $67,000 following the launch of Proshares ETF in the U.S. The digital asset has grown about 58.12% ever since the start of the fourth quarter. A breakthrough above $69,000, could further propel its price to $70,000 levels. On the flip side, the immediate support is near $68,000. While the major support is around $67,000.

The analyst believes being long on Bitcoin would be an easy trade to take. He mentions that the market capitalization is still pretty low. He expects a correction of 20% could follow, but a 200% run could also materialize. On the other hand, another analyst believes the search volume to be insanely low, as BTC price closes on a new ATH. He hints at the possibility of big money leading the rally. 

Collectively, the rise of BTC prices brings positivity to investors in the space and to fellow altcoins as well. As several of the altcoins portray positive gains alongside the leader of the pack. If the current momentum carries forward, we can anticipate BTC prices claiming the $100,000 milestone in near future. 

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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.

Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

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