Bitcoin Price Forms A New Support Level Nearly $56K

Bitcoin Price

The crypto market is full of uncertainties, with all cryptos showing a high level of unpredictability. Crypto, by nature, is very volatile. However, in the last three months, it’s been almost modest.

Statistics show that this year has been recording quite some gains showing about 20% daily. The recent all-time high of $67000 gave way to another drop, keeping the market on its toes, creating new support levels at $59000.

Now its looks like investors are not yet giving up on the pioneer coin. However, the price is still falling for the lack of investors buying the coin to pump its price up. Bitcoin has found a new support ground down at $56000. are investors tied, or are they just holding the number of coins in their holdings?

Are We Anticipating A Rise In Bitcoin price?

At the time of writing, BTC is trading at $58,282.05, slightly above its new support, gaining about 1.8% in the last 24hrs. Analysts still anticipate a rise in the BTC, terming the new support as temporary support before a significant rise. Many predict the price of BTC to hit $98000 by the end of the year. Is it a possibility?

Yes, it is. Analysts still see this fall as a pullback and that the coin will slowly start rising, presenting a bull run to its users. Moreover, its on-chain statistics show that Bitcoin has more ability to surge back to its ATH.

Therefore we are anticipating a rise in Bitcoin price. Every time the BTC crashes, there is always a high increase in exchanges by the tether and USDC stable coins. The increase in the buying pressure of stable coins is always a signal for the bullish rally of the pioneer coin.

Will Bitcoin Hit $98K As Analyst Predict?

Analysts are very confident that BTC will hit $9800, probably $100k by the end of the year 2021. A Lot of activity is rounding up about Bitcoin with the recent Bitcoin Exchange launching by Square’s CEO Jack Dorsey TDB. This is the project that is going to surge BTC to the $100k level by the end of the year.

Williston City also brought in ATMs that customers will use to buy and sell BTC and other cryptos. These projects and others by different investors give hope for the coin to surge to new heights.

Investors have continually been experiencing a sea of red on the most valuable crypto worldwide and crypto market. However, recently in the dip state, a whale bought 207 bitcoins worth over 12 million dollars.

These encourage more buying by the investors for the coin to reach the $98k level. This buying pattern is notable during 2017, causing the November- December bull run. Moreover, the crypto market is bullish in the long run, which changes the whole idea altogether.

Spot volumes on exchanges like coinbase for the BTC also suggest whether BTC will rise again or continue dropping. For instance, spot trend reversals will always indicate the lack of buying, and vice versa is true.