Will Bitcoin go up?

#Bitcoin, the largest crypto currency by market cap, has been continuing its downward trend for a few days. #Crypto money has declined to $ 36,250 today. The news that #China #banned financial institutions and payment companies from doing business related to crypto money, including Bitcoin, and #Elon #Musk's statements before. Will Bitcoin go up?

Although it is not possible to precisely predict whether Bitcoin will rise or fall, a prediction can be made based on some indicators. Bitcoin has dropped 44 percent since its $ 65,000 peak. This drop does not mean that Bitcoin will not rise above its previous $ 65K peak. During the previous bull run in 2017, Bitcoin was withdrawn from the $ 5,000 level at the end of August to $ 2,900 in two weeks. This corresponded to a decrease of approximately 42 percent. At the end of that year, the Bitcoin price had seen $ 20,000. Price movements in the past may be useful in predicting the future, but it is not certain that history will repeat itself.

🚨What did analysts say after the withdrawal in Bitcoin? Claiming that 38,000 dollars can be seen in Bitcoin in April, crypto analyst and trader Erhan Ünal expects Bitcoin to rise in the short term with some backlash purchases.

Another analyst #PlanB, who is famous for the #S2F model, stated that he does not think that $ 60,000 is the peak for Bitcoin . Supporting his views with a chart, PlanB stated that Bitcoin is a few months away from the bear market.

The investor reminded that two years ago he predicted that it would reach $ 400,000 for Bitcoin towards the end of 2021, saying, “Let's make a note to history now that Bitcoin fell from 60,000-odd dollars to 39,000 dollars in a short time. My mind has not changed. " made his comment.

Finally, “If we add fibo to the trend that started in March 2020, we see that we are below 38.2% levels. Generally, it is expected to continue up to 38.2% -50% in second waves. So if it continues to deepen, withdrawal can be expected up to 34-35K. " found the assessment.