For the first time, we managed to see BTCUSD shoot up to the moon reaching a 40k mark. Some might ask if that is that's the peak for bitcoin. We managed to see a true volatility movement from bitcoin in the recent months with no signs of retracement.
Will that mean bitcoin price will continue to soar higher?
Personally, I feel that price level might hit higher level but definitely not now. If we look back at past movement of bitcoin, we can see that the high that many traders saw back in 2019 was 13k+ price level. After which, we started to see slight retracement with a long consolidation around 10k price level. Definitely, I am expecting something similar for the current price movement with price moving back to 24k+ price level where we can potentially see a consolidation at that area. From here, we can see that bitcoin might officially build a new consolidation zone before further price movement. Assuming cryptocurrency market progresses through the years, we will gradually see an increase in bitcoin price.
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Will that mean bitcoin price will continue to soar higher?
Personally, I feel that price level might hit higher level but definitely not now. If we look back at past movement of bitcoin, we can see that the high that many traders saw back in 2019 was 13k+ price level. After which, we started to see slight retracement with a long consolidation around 10k price level. Definitely, I am expecting something similar for the current price movement with price moving back to 24k+ price level where we can potentially see a consolidation at that area. From here, we can see that bitcoin might officially build a new consolidation zone before further price movement. Assuming cryptocurrency market progresses through the years, we will gradually see an increase in bitcoin price.
Kindly hit the LIKE Button if you agree with my analysis and feel free to COMMENT your idea below. As for those who are keen to get daily updates and analysis from me feel free to FOLLOW me. Cheers and Happy Trading!!