For last 2 months, Bitcoin is falling continuously without any significant pullback, spreading fear in the market. Majority of people are leaving crypto space everyday after experiencing the fear of Bitcoin dropping even lower than $5500 or $5000. In fact some analyst believes that Bitcoin could fall below $5000, $4000 or even $3000. But there are also some analysts who also believes that Bitcoin could be nearing its bottom and a price spike can be seen in coming days.
Brian Kelly, the leading crypto trader and analyst on CNBC, has recently expressed his own regarding the potential movement of Bitcoin. According to him, Bitcoin could be nearing its bottom when it touched $5770 a few days back and retraced right back to $6000 or above.
According to Brian Kelly, there are some fundamental reasons according to which it can be concluded that Bitcoin's price might soon spike:
- The foremost reason is Mining cost. Current average mining cost of Bitcoin is around $5500 and if the price falls even below this level, miners might close their mining rigs and whole Bitcoin economy might collapse, which would not be favorable for 'whales' in crypto space.
- Bitcoin price has been falling continuously for 2 months straight without any significant retracing which indicates that a price spike may be coming shortly.
- As per Technical perspective, Bitcoin's RSI level has been way oversold on daily time-frame which indicates a pullback in coming.
- Tether has recently printed $250 Million in USDT which indicates that demand of Bitcoin is rising and a price spike can be seen in near future.
So, if you're a crypto investor, trader or analyst please share your opinion in comment box regarding Bitcoin's future price movement.
Thanks for reading ....!!
Market bearish mode has ended up, market is now able to get stable, after a month or so it will again pump and Bitcoin can easily reach 8500$ again.
@cryptonet
The whales do have the power of doing something against the prices dropping, but they also make it drop even faster. Either way they will find a way to make money on it.
Hay sir thank you so much for giving us this news.
Do u know I am also a bitcoin trader it's time to invest
Yes, I am in support because from the 1 year chart, there is every tendency Bitcoin will leave down ward trend by August- September
Can u resteem my post ?? I will pay u