Bitcoin Death Cross | Is it 2013 Again?
We have seen bitcoin's peak of 2018 around 20,000 USD in January. Since then Bitcoin faced a lot of rejection in price with the lowest even below 6000 USD. Although there is a lot of resistance by buyers which helped it to reach 10,000 USD three times and fall again.
Market Sentiment
We know everyone investing is bitcoin is not familiar with to its core or hardly understands the fundamentals of blockchain technology. Most of the people are more of traders, who have seen bitcoin climbing up from $10 to $20,000 in few years. Which drives a lot of attention to the majority. Now we have a lot more people trading on Bitcoin by seeing candles but not the future.
2013-14 Crash
We have seen a major Bitcoin crash in the year 2013-14, where bitcoin went down from $1200 Aprx. to all the way to less than $300 USD. That didn't happen very fast, It took some time to reach that down mark and also took some time to break the $1200 mark again.
Is it happening Again?
Well, as they say, History repeats itself. If this is going to be the case then we might see bitcoin touching $3500 level. But According to me, that's highly unlikely this time because of many reasons. We have a pretty big awareness about bitcoin and blockchain technologies to a lot of people now, Even if they are investors or not. I am sure, you have encountered many people asking you about bitcoin and because of that, there is a huge buying support under $8000 level now.
We do have the witness this in the market, Bitcoin didn't stay below $8000 level for long instead quickly recovered and bounced back above $8000.
Similarly, I believe, There would be high selling pressure to Bitcoin, Once it reaches/crosses $11000 mark. As mentioned above, everyone here is not believing in the technology but to make some quick money.
When will it break $20,000 mark again?
This is something destined to happen but If someone is trying to provide you with the exact date, time or even a time period claiming to be correct is either doing a fraud or a part of a pump and dump group. This applies to every cryptocurrency not just bitcoin.
I personally believe, for bitcoin to break $20,000 barrier, it has to keep on creating a resistance level higher, as currently being $8000. Creating that much higher resistance level to be above $20k mark is not something, which is going to happen very soon but quite possible in next 6 months.
Again, this market is highly volatile and I don't believe anyone can make a perfect prediction.
I would love to hear your thoughts in comment section below, would request you guys to be a part of this conversation and lets spread our knowledge.
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The last few years have seen a bull run in around May
@xeniaioannou I am also thinking the same way...
Great minds:)
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Yeah it could cross 20000 spot once again seeming like this.
It will that is for certain :)
I loved your very balanced and informative approach. You are right that it will go above 20K but when and how is not sure.
@prameshtyagi Thank you, I really appreciate your comment, keeps me motivated.
I see it going below 6000 once again. My speculation is based on my study of the graph. Let us see what happens. Fingers crossed. :)
İt's long way to climb 20K for sure. I think you are righ,t it takes six or more months to recover the bitcoin. But people interest can make price rise in the long run.
i think you cant be sure what the future will bring. if bitcoin (and cryptos in general) stay legal and dont get overregulated the value will rise with adoption. could verywell be that quite the opposite will happen - noone can know
@fi3ur This is a highly unpredictable market, we cannot know for sure anyway...
We still have not had the FIAT correction that keeps getting buried with "injections", "stimulus pkgs" and other fancy words that means printing more money. That correction, will be the catalyst for the next run...when? Yeah who knows really.
@cryptocoinexam Agreed, all we can do is wait for it :)
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I know you can climb the highest mountains. Never lose faith in yourself. Good luck!
All the best for a bright future! May there be success at every turn of life and all your dreams come true!
thank you @vivekkanade
What i believe is just that crytos got good future and no one can ever predict
i think the crypto universe is to big, for another 2 year lull personally. to many great projects out their now.
The Genie is out of the bottle
@crypto3em3 and it's quite hard to control this genie...