- The price may come back to $41,221 at 1.6 FIB levels after the bounce.
- The recent upswings of the BTC price may be a trap for the bulls.
The cryptocurrency market is very volatile, with price fluctuations occurring regularly. Even though the bitcoin price had already passed the $45,000 mark, it was expected to rise to $50,000 at the earliest. Sadly, it only lasted a short time until the bear took action and pulled the price below $40,000 once again. Even though a reversal is likely, others say that crypto is still in its infancy and additional plunges are on the horizon.
Since the beginning of 2022, the price of BTC has been fluctuating between $44,300 and $34,800. The vendors immediately obtain more than 90% of the increased price from the consumers. As a result, the price continues to fluctuate around its original levels. As long as Bitcoin’s value remains over $44,000, the currency may not depend entirely on it.
Bitcoin Not a Viable Investment
As Evai.io CEO Matthew Dixon points out, Bitcoin is not a viable investment right now. Because of the present testing of three Fibonacci retracement levels, Mr. Dixon expects an imminent increase. The price may come back to the $41,221 at 1.6 FIB levels after the bounce. Recovery may take longer than the correction itself. Furthermore, the analyst expects a rapid drop that might bring the price down to the $31,500 mark or below.
The recent upswings of the BTC price may be a trap for the bulls since many anticipate the price to rise to $30,000 levels shortly. Since the current Bitcoin (BTC) price is unpredictable, it’s always a good idea to take a closer look and move ahead rather than wait for the price to stabilize.
