Bitcoin is struggling in between $40k to $41k, here we explained what are possibilities.
Right now the price of Bitcoin is $41,692, according to popular websites coinmarketcap. And this price of Bitcoin is 14.3% low over the last 30 days. While market dominance of Bitcoin is still at a better level with a total of 40.30%, which is a safe indication that we are not under any critical situation, perhaps technical analysis is saying something different in this situation.
If we do a deep analysis, then we will find that Bitcoin has strong buy support at $40,000. And this price of Bitcoin is a turning point for the Bitcoin market.
Popular Bitcoin proponent, Peter Schiff stated that if Bitcoin will break its two buy support back to back then it will hit $15,000. However, this price of Bitcoin will be in a much critical situation. So for now we can think that Bitcoin Bitcoin is still in a better situation if it can hold its position with $40,000.
According to the past analysis of Peter, Bitcoin safely turned into a safe zone. But right now two buy support at $40,000 and $38,000.
A popular Bitcoin sceptic CryptoWhale, shared his stance on the price of Bitcoin and claimed that it can plunge to $10k.
Crypto whale stated:
“Unpopular opinion: Bitcoin is in the early stages of a brutal bear market and will never surpass all-time highs again.”
Besides all these opinions, a few other experts wisely explained to the people how to remain strong with bitcoin or crypto holdings.
In particular, Sam Bankman-Fried, CEO of FTX.com exchange, stated that if it is down today then it doesn’t mean that it will be down on the next day.
“down today doesn’t mean down tomorrow.”
Bitcoin needs positive support
Right now the whole crypto industry is looking to get positive news so that people can get into better support and confidence to go with more buy and bullish trends.
The majority of the crypto pundits are picking the reference of Federal Reserve plan of three times interest hike for this year and another side low Bitcoin network hash rate because of the internet outage in Kazakhstan is impacting it badly.
Read also: In the next 10 years, the crypto market cap will be $250 trillion