Crypto market analysts are now predicting that within a few weeks massive correction is expected in Bitcoin which may either take the price up to US$ 60,000 or reduce it down to US$ 40,000.
Bitcoin pair with the USDT is on the way to recovering its lost level and so far has reached US$ 47,000. Consecutive dips have however failed to hurt the confidence of market participants, who are now expecting a massive correction. They are expecting that Bitcoin price change is expected in the coming few weeks. They are of the view that either the price would massively go up at US$ 60,000 or down at US$ 40,000. So the question is what would it be, i.e. up or down?
Certainly, the Bitcoin market would now be divided into two categories. One category is of those who think the Bitcoin market would go up. The other category is those who believe the value would further decline below US$ 40,000.
Those who argue ‘up’ for Bitcoin, base their arguments on the rising tide of inflation worldwide, especially in the US.
Inflation is actually worse than ever before and the new wave of inflation is likely to come up in the next week. So far inflation hasn’t shown any effects on Bitcoin as yet. But considering more inflation coming in next week, the time is ripe for Bitcoin to have a sharp value increase. If it does then the value could go up by US$ 60,000 or near to it, said the experts.
In any case, the arguments become weak when the weekly progress of Bitcoin is examined. For instance, today Bitcoin opened the trading with a price of US$ 46,523 and end the day at US$ 46,148. Within today, the highest price for Bitcoin was US$ 47,250 but Bitcoin again failed to retain that value.
Considering Bitcoin’s weekly performance, it is hard to even assume that value would be going up by US$ 60,000. So for the second category of people, it is likely that Bitcoin will face yet another dip which will reduce its value by US$ 40,000.
What experts are predicting is likely to take place in the next week and time will tell whether Bitcoin will go up or down.
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