Home Blockchain101 Bitcoin Bitcoin’s graph looks promising: A review

Bitcoin’s graph looks promising: A review

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After being down for quite a while ($10,000-$10,500), Bitcoin‘s price rose back up to $11,000. This is a sharp increase (6.5%), and traders around the world are optimistic about it. They were taken by surprise too, as they expected an even more downward trend. In 2019, Bitcoin’s price remained steady at $10,500 and then suddenly plunged, which means this is a high-resistance level. This is because whale clusters are defending this level, as they are accumulating wealth. These are the people who are long-term traders, and when they buy Bitcoins, the clusters are formed. Experts mention that they are now expecting the price to soar higher and reach $13,000 and even higher. Pseudonymous trader Salsa Tekila is one of them. 

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Bitcoin’s price went down due to several factors, Bitmex’s executives being charged by the US Department of Justice, is one of them. Trump being infected with COVID-19 was another reason as well. But why the sudden increase? Reason number 1, declining US dollars, forcing people to look for other options. Square’s move of buying a lot of Bitcoins ($50 million) is another motive. As mentioned earlier, experts are optimistic about it. Michael Van de Poppe stated that Bitcoin would reach $12,000, breaking any resistance and get higher. Some are expecting more volatility in the market than before. 

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