The world’s largest cryptocurrency entered the weekend with a drop as it hit around $45,000 amid rumors that Russia might adopt the asset class to circumvent sanctions. So what could happen now? kriptokoin.com We are citing a model that is thought to indicate something in the price of Bitcoin (BTC).
BTC price action in 2019
Bitcoin once again resumed its downtrend below $40,000. Bitcoin’s recent price action below the $40,000 price level has prompted many crypto analysts to voice their opinions on the next move for the popular cryptocurrency. A famous Bitcoin enthusiast named BTCfuel has shared a chart with surprisingly similar patterns and trends of the asset’s current price performance that matches the 2019 bear market bottom.
In 2019, Bitcoin started trading around $3,900 and fluctuated greatly in the first four months, between $4,000 and $5,000, respectively. However, in May 2019, BTC climbed above $8,000 and then hit $10,000 the following month. The coin surged nearly 200 percent above its 2019 opening price, reaching nearly $13,000 in July.
Bitcoin below $40,000
A closer look at the chart suggests that there is a bullish prediction for the cryptocurrency that could see it rise above $90,000. According to the expert, if the current Bitcoin pattern continues to match the bottom of the 2019 bear market, the cryptocurrency will rise to $96,000 at some point this year, from chart analysis.
According to previous statements, several Bitcoin advocates had previously predicted that BTC would reach $100,000, including El Salvador’s president, Nayib Bukele, who is currently leading the country’s adoption of the cryptocurrency. Meanwhile, the price of the leading cryptocurrency, Bitcoin, is down 5.9 percent, hovering around $39,220. The market cap of BTC has receded to $744.3 billion with the last price change. This also affected the overall cryptocurrency market with a 4.2 percent loss.
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