Bitcoin Correction Not Over! BTC Price To Hit This Low Level Before Massive Upswing of 230%
The post Bitcoin Correction Not Over! BTC Price To Hit This Low Level Before Massive Upswing of 230% appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide
Bitcoin has momentarily passed $44,000, stretching its streak. After weeks of struggling between the $42,000 & $44,000 range, the currency had reached the $45,000 level yesterday, 25th March 2022 before plunging back to the $44,000 range.
Bitcoin Price Analysis
At the press time, Bitcoin is trading at $44,400 with an increase of 0.96% in the last 24hrs. It is to be noted that BTC price has gained around 6% in the last seven days & 20% in the last 30 days.
BTC/USD climbed to an intraday high of $45,046.08 on Friday. Currently, bitcoin is primed to head into a retracement to set a higher low over the weekend. The flagship currency might find support at $43,200 as local resistance was previously seen there.
If BTC price sets another higher low and the $45,000 mark gets broken, we expect more upside over the following months. Thus, this is a crucial level to watch next week.
More Downside For BTC Price
Bitcoin is manifesting a trend indicating that the currency may maintain its recent gains. On the flip side as per Mike McGlone, senior Bloomberg strategist there are chances that Bitcoin will crash before reaching a six-figure price in the coming months.
As per the excerpts from a video interview, McGlone predicts that the flagship currency is most likely to see itself at a key support level of $30,000 before skyrocketing towards $100,000 marking a gain of 230%.
The Bloomberg strategist also compares Bitcoin with stocks & says “if Bitcoin follows stocks in a downward trend, Bitcoin will drop but gold will continue outperforming and later Bitcoin & gold will come out ahead. Whereas if stocks head north, Bitcoin will follow.â€
McGlone feels that Bitcoin is the highest quality investment in the crypto space. The key thing about Cryptos is that they are speculative. Bitcoin is the gold in space & it’s still speculative and the currency needs to be shaken a bit before the currency leads itself towards recovery.
Also Read : Will BTC Price Hit $36K or Range High to Test $50K? What Next?
He is of the opinion that we are early days in the storm and says people can’t always use the buy-the-dip mantra and make money. At some point, they need to give and then buy.
“Amateurs Are Buying & Pros Are Selling “
McGlone believes that the pros are the people who run the real money as they are selling when the price rallies & the amateurs are buying the dips & says
“ I just wish them luck because you have seen the pain in the market & especially when you come to trading pits you see the real pain. My best advice could be to try just not to lose money & don’t fight the fed.â€