After hitting a new all-time of almost $65,000 this year, bitcoin, the largest cryptocurrency by market capitalization, has had a miserable couple of months.
Just recently, it broke the $30,000 resistance level and even plummeted all the way down to $28,000. The digital asset promptly made a recovery to be back up over $30,000 and is trending upwards towards the $34,000 mark.
Experts say this is a critical resistance point for bitcoin as breaking this price could mean the beginning of another bear market with speculations that its price could go as low as $10,000.
Others, however, say that conversely, if such a point is not broken and bitcoin stays upwards of $30,000, it could be in for another massive rally that can take it all the way up to $100,000.
History would show that bitcoin has always been a big dip before making a big rally. Usually, the price stays within a certain range for a period of time, fluctuating slightly up and down but never making any substantial movement.
After this “cycle” or “routine,” more often than not, the rally that follows takes the coin to a new all-time high.
Currently, bitcoin has already spent 17 days trading within the $20,000 to $30,000. Some experts say that there is an air pocket below the $30,000 line and this explains why traders have been working hard to keep the price above this level.
Some analysts say that if bitcoin could hold this line for the next month, there is a likelihood the asset could reach the $100,000 per unit price.
There are many people and even institutions that are buying back because they think the coin has hit its new bottom and that might just prove to be true.
According to tracking from CoinGecko, at press time, bitcoin is trading at $34,501 and has lost over 50% of its all-time value.
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