After two months of decline, Bitcoin had managed to trigger a 44% stock market rally in just ten days but failed to sustain this upward trend. The price of BTC is falling below $40K, although it had already tested the $42K mark, a bar that experts have deemed decisive for the return to the bull run.
After punctually crossing the symbolic $40,000 mark again in the course of last week, Bitcoin continued to soar to over $42,000 this weekend, but the movement then weakened.
The price rose to $42,600 on some platforms this weekend, the highest since May 19.
For now, the biggest concern for investors is the threat of a return to the $30K mark despite the crypto regaining some of its fundamentals. Whether it’s institutions or individuals, they are buying bitcoin in droves. Bitcoin addresses are really going up.
Trader Michael van de Poppe shared on Cointelegraph, his analysis as to where Bitcoin might be headed after its rejection at $42,000. He uses the weekly chart of BTC/USD to identify a major support zone in the $28,000 – $31,000 area, even though this level has already been tested several times. Analyzing the daily chart of BTC/USD, Michael van de Poppe defines $36,000 as the ideal floor price for Bitcoin. Should the bulls manage to defend it as a support line in the face of Bitcoin’s price correction, they would confirm a trend change and bullish divergence.
Will the Bitcoin price resume this month, the path to a realization of PlanB’s 6-figure Bitcoin forecast? Analyst Nunya Bizniz believes that a 100% increase in the current price is possible, within the next 30 to 60 days. He justifies his prediction based on historical data showing that an increase in the price of Bitcoin for 10 consecutive days was followed by a doubling of the price.