- Traders are using different strategies to price the value of Bitcoin.
- Crypto expert Davis says that $60,000 is not the final all-time high for BTC.
- Bitcoin touched the $40,000 level but did not last long.
Traders are implementing different strategies to evaluate whether Bitcoin’s price has begun to fall or not. According to Twitter, 2 bitcoin price indicators have been stated with the data chart of derivatives and on-chain activity which seems risky.
Additionally, traders are expecting the Bitcoin trend again since the price value began to fall under $40,000. Also, traders are not cheered up with confidence to this day.
People don’t bother who is holding BTC but some applaud Tesla and other large firms for building up Bitcoin. Besides, many are worried about the challenges of scalability and fungibility.
Experts View on BTC
The crypto expert Lark Davis has posted a tweet saying that, around $64,000 is not at all the all-time high price of Bitcoin. So it brings joy to the crypto fans.
$64,804 is not the final all time high price for #bitcoin
— Lark Davis (@TheCryptoLark) May 31, 2021
In addition, users began to look for trend reversal everywhere, including technical patterns, US CPI inflation data, and Bitcoin exchange deposits. Some analysts, for example, have stated that we can expect a value of $50,000 by a move above $40,000 would suffice.
Anyhow, after two days, Bitcoin touched the $40,000 level but did not last long. On the other hand, other traders believe that a reattempt of the $30,000 bottom is required before a bounce.
#Bitcoin $BTC #BTC is forming a Descending Broadening wedge here. It’s bullish but there are two possible scenarios.
— Johnny Woo | Never DM you for Money (@j0hnnyw00) May 25, 2021
Green: breaking the resistance and maintain the uptrend.
Red: retest the bottom of the wedge (~30k) and bounce from there. pic.twitter.com/8L26kQvf7X
Bitcoin’s Price Analysis
The price of Bitcoin is $37,160.52 with a total market cap of $695,754,025,821 at the time of writing. It is up 4.18% within 24 hours and trading volume of $37,010,031,560.
Currently, BTC has 2.2 million active users over the past 30 days while this is high when compared before October 2020.
Significantly, the metric clearly shows the peak of Bitcoin which hit the new all-time high price on April 14, 2021, with $64,900. When the metric sharply slides down then it is understandable that no more users are interested in purchasing BTC.
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