While the oldest cryptocurrency trades sideways close to $ 37,000 per coin, speculators are looking forward to the next strong upward move. Others, on the other hand, are counting on a strong correction, but this is blocked by whales, which buy Bitcoin at every major decline. See what is happening on the BTC market and what the mood is in the community!
Strong support of $ 30,000 per coin
After the oldest cryptocurrency dropped from above $ 41,000 to around $ 31,000 a week ago, new entrants were confused. While there was anxiety among those focused on quick profits, for experienced investors such a strong correction was quite normal. It is worth adding that on the road to the boom in 2017-2018, Bitcoin had as many as 9 pullbacks - price drops of at least 30%.
The whales quickly seized the opportunity by buying BTC at a discount. While the oldest cryptocurrency trades around $ 37,000 per coin, JP Morgan Chase's Nikolaos Panigirtzoglou says it needs to recover at $ 40,000, and if it doesn't do so soon, another decline could appear on its chart.
Note that during the past correction, Bitcoin did not hit the $ 30,000 mark - and many BTC enthusiasts find this line a very strong and hard-to-break support due to large investors using every opportunity to increase their holdings.
Levels above $ 40,000 are not all Bitcoin can do. Hedge fund analysts Pantera Capital linked the current price situation of Bitcoin to the trajectory of the stock model. It should be added that it takes into account halving - an event as a result of which in May last year the amount of BTC coins mined was reduced as a result of the distribution of the prize for each newly excavated block.
According to calculations, the price of the most popular cryptocurrency may reach $ 115,212 by the end of July.
According to Andy Yee - China's public policy director for visas, the current boom is definitely different from that of 2017. Citing the Pantera Capital report, he emphasized that we are seeing a strong shift from highly speculative and worthless tokens to major cryptocurrencies such as Bitcoin and Ether. It should be remembered that during the previous rally, every coin was sought after by speculators, whether it had a strong foundation or not. Currently, this does not happen and users are more cautious.