How Long Will Bitcoin Hold Its $20k Position? -A Quick Analysis

The tempo at which some cryptocurrency exchanges and platforms are halting withdrawals due to a shortage of liquidity has put the entire cryptocurrency market on an up-and-down roller coaster over the past few days. Since these are major crypto platforms with significant crypto impact, this has made the cryptocurrency market difficult. What transpires when a big time crypto issue affects the big time crypto platforms? Given that we are currently in a bear market, it is predicted that the market would experience some volatility.

Last week, Bitcoin hit a low of around $18k, which led me to worry that it might drop to $16k, but thankfully, it later climbed to $20k. To my surprise, the price has been holding fairly nicely. Instead of stating the obvious, I would have come with some technical analysis outlining my thoughts and feelings about the market. The market will either go up, which is known as a pump, or down, which is known as a dump.

Despite the fact that individuals enjoy searching for market patterns because they believe the market always employs strategic charting. The chart shows the movement of the market historically, therefore you may predict the future pattern by using the past pattern.

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Speculating on the exact bottom and top

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Timing the exact bottom and absolute high of a trade, particularly a spot trade, is something that most people want to achieve. They are in the best position to prosper in this manner. But regrettably, you can only enter and exit the market in this way through good fortune and self control. Although anyone can enter the market at any moment, not everyone can exit it at its peak. This is due to the fact that when you are at the top, many things are involved. As is human nature, you become engrossed in this wonderful moment and decide to wait around for more since you always want more.

Some sellers waited for BTC to hit $100k during the last bull run, unfortunately it only reached $69k, some buyers on the other hand waited for the bitcoin price to reach the $10k price market because they believe it to be the absolute bottom and want to buy then. Nobody can say for sure; they might be correct or they might be wrong. let see how it goes.