It’s undeniable that Bitcoin has been dangling at its worst since attaining an all-time high of $65,000 in February last year. Cryptocurrency enthusiasts and traders are still hopeful that things are going to be better any time soon. There is however a new development and cryptocurrency researchers have already noted a thing. According to researchers at Bitcoin Archive, the coin has settled at $45-46K with hopes of a break above $46k:
It sure looks like #Bitcoin has formed a bottom.
I'd still like a break above 45K-46K though… 🚀 pic.twitter.com/3WfqKyiaOC— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) March 9, 2022
Everybody is hopeful that things will be better for mother crypto, but the fact that it’s struggling to retain its glory, and even surpass it, shouldn’t be taken for granted. Unlike last year, the start of 2022 hasn’t been good. Infact, Bitcoin has seen some little greens in the last few days as it climbed it’s way back above $39,000. Again, the recent rise in cryptocurrency donations for war victims in Ukraine might be a turning point. But the war even worsened the situation after it sent Bitcoin’s price tumbling below $35k on Feb, 24. At the time of writing, Bitcoin is at $42,178.90.
As traders and investors continue to purchase the coin at ‘its lowest’, analysts believe that it might go slightly above $46k in the next few days. Still, there’s a strong belief that Bitcoin is going to hit $100,000 this year despite a rocky start. So it’s a matter of when, not if. And this is also despite the volatility and the recent slumping price. Experts argue that volatility isn’t a major concern because it has been a factor since the birth of cryptocurrency yet Bitcoin has grown bigger than any other cryptocurrency in the market.
Just in January, Amsterdam-based popular cryptocurrency analyst Michaël van de Poppe reported that Bitcoin was in the process of forming a bottom following its rejection at the $44,600 level. He believed that the Coin would hold in the crucial zone between $36,000 and $40,513. But things have now changed and the coin has been dangerously holding at the very point it was rejected. This is probably a sign that there are better days ahead.
Remember, Bitcoin has repeatedly broken the so-called bottoms many times and it won’t be a surprise if the coin settles somewhere above $46k or below $45k. Even though Bitcoin has always had a positive curve, it’s only wise for investors to be cautious at this trying moment.
Image by Bitcoin Archive
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