The leading cryptocurrency Bitcoin came out above $ 40,000 for the first time in its history yesterday. However, due to the extremely volatile market, BTC retreated significantly, revisiting levels just above $ 36,600.

As expected, Bitcoin did not stay at these levels for long. The rescue took place and went above $ 38,000.

At the time of writing, BTC once again rose above $ 40,000. It reached the level of 41,000 dollars in some exchanges. For now, stability seems critical to ensure dips are avoided while keeping levels beyond focus.

In addition, Bitcoin also surpassed the market value of Chinese giant Tencent and rose to $ 41,000 per cryptocurrency, outpacing tech firm Tesla for a short time.

Bitcoin’s market cap has risen to unprecedented levels and is now over $ 759 billion.

Some industry experts, including Bitcoin analyst Josh Rager, continue to anticipate the rise in Bitcoin. Still, he stated that Bitcoin may continue to rise to the $ 50,000 level, but could follow a sharp correction of up to 50%. On the other hand, if Bitcoin reaches the psychologically significant $ 50,000 mark, new heavyweights from the retail industry could enter the market and flow new capital into the market from the corporate side.

Bitcoin trader “yTedd” shared a chart on Twitter showing various Fibonacci levels in a 4-year chart. Based on this, he jokingly explains that it is “illegal to sell Bitcoin before the $ 42,000 mark”. Thus, it shows its followers that the next Fibonacci level to break is exactly at this price level. According to him, a correction can be made after that.

See Also
Perianne Boring: Bitcoin (BTC) Could Reach $ 288,000 This Year

According to the data of “Big Chonis Trading”, the current bitcoin spot volume remains low compared to previous years. According to him, the Bitcoin market has not yet seen a huge increase in 2021, so an increase in price may occur with an increase in trading volume. In previous years, Bitcoin has always increased in price when the volume in the spot markets also increased.

According to leading trader “CarpeNoctom,” current fundamentals suggest that Bitcoin could rise to $ 48,000, but after that, there will likely be a major correction.

There are high expectations for the Bitcoin price, but investors should be careful in a market that moves very fast.

LEAVE A REPLY

Please enter your comment!
Please enter your name here