Bitcoin is on the verge to show some Big Move: Breakout pattern is near
Bitcoin is under the bearish trends and there is a constant fight between the bullish and bearish forces. Bulls tried so many times to get out of the current bearish position but every time, selling pressure dominate the markets.
Mixed Sentiments of the BTC analysts
There are analysts who are speculating that it will further go down to almost $6, 000. One of the Bloomberg analysts predicts that the future of the BTC seems not very good. But over the flip, some experts are optimistic and claiming the breakout pattern is approaching. Their charts are also supporting this very fact of price rally but currently, we have not seen any great move on the part of digital gold.
Breakout Pattern is expected
In the further declining path, the next support level is lying at $6,500 and the coin has to drop down to achieve that level, which according to many might happen before the uprising. The current scenario, based on the data and trending behavior of the trend line, is resembling the pattern made back in the month of June when Bitcoin went to $13,850 after being remained in the bearish trend for a long time.
The halving event is coming and the eyes of the crypto community are stuck on the fate of value after halving. Previous two halving events dragged the price by 100% and 33% respectively. And after every BTC halving, scarcity is increased which we know already, always, helped to pump the price value upward.
However, many have not the belief that the Halving will have any effect on the BTC value but recent Grayscale’s pole says that the majority of the crypto lovers and enthusiasts are expecting some big from the reward reduction event.
Bitcoin to $70,000 by 2024
A crypto analyst with a username @davethewave comes out with striking speculation about BTC in the next 4 years and 8 years respectively. According to him, the value will attain the figure of $70,000 in March 2024 and $170,000 by September 2028 respectively.
Currently, Bitcoin is standing at $7, 350 with a change of -2.04% in the past 24-hours. Following the digital gold, Ethereum and Ripple are also showing negative change at present.
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