Bitcoin Monday : Cryptocurrency Bitcoin Price Today, Trends, Forecast

Bitcoin Monday : Cryptocurrency Bitcoin Price Today, Trends, Forecast

Over the past 10 days, Bitcoin (BTC) has undergone a huge correction, going from its ATH of $69k on Nov. 10 to lows of $56k very recently. However, this hasn’t deterred the community, since inflows have remained high and volumes have maintained steady.

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Furthermore, the overall opinion hasn’t completely shifted to the negative side of the spectrum. The 19 percent decrease to $56,000 signalled a local bottom, and even though no large liquidation took transpired, it was the most significant indicator. In addition, margin traders are still long, which is a positive indicator.

bitcoin

When the price of Bitcoin sank roughly 19 percent from its peak, it hit $55,625. The price of the asset rose to $60,070 over the weekend as a result of short-covering following this rise. Even yet, it was unable to break beyond the psychological barrier of $60,000.

Key Levels:

Support 2 Support 1 Asset Resistance 1 Resistance 2
$53,000 $57,000 BTC $60,000 $69,000

Bitcoin Price Forecast

We predict the price of BTC to rebound from the $53,500 to $54,500 support level, which is a strong level of resistance. It is possible to fall even further if these levels are breached or closed. The asset must trade and close above the $60,000 to $62,000 resistance zone in order to continue to rise.

Should I invest in Bitcoin in 2021? What is the expected price of Bitcoin in 2021?

Is the supply of Bitcoin running out?

Since Bitcoin’s supply is finite, unlike fiat currencies like the US dollar, the Federal Reserve cannot simply decide to issue more banknotes; the maximum supply of BTC was achieved in April 2021. Despite more advanced mining equipment, Bitcoin is expected to run out by 2040. This is due to Bitcoin’s original architecture, which stipulated that mining would grow exponentially more complex and power-hungry every four years. As a result, in 2021, a single Bitcoin mining transaction may consume as much energy as a small country.

Is there a chance that Bitcoin’s price may be in a bubble?

Only a small percentage of the coin supply is believed to be held by a small number of people, making it difficult to anticipate the future value of cryptocurrencies. Two percent of anonymous ownership accounts are claimed to be made up of these huge holders, known as “whales,” who own around 92 percent of BTC. As a result of this, the vast majority of people who utilise cryptocurrency-related services around the world are not institutional investors. As a result, forecasts of whether Bitcoin values will rise or fall are impossible to predict because of the impact of one enormous whale.

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