We have seen bitcoin's peak of 2018 around 20,000 USD in January. Since then Bitcoin faced a lot of rejection in price with the lowest even below 6000 USD. Although there is a lot of resistance by buyers which helped it to reach 10,000 USD three times and fall again.
Market Sentiment
We know everyone investing is bitcoin is not familiar with to its core or hardly understands the fundamentals of blockchain technology. Most of the people are more of traders, who have seen bitcoin climbing up from $10 to $20,000 in few years. Which drives a lot of attention to the majority. Now we have a lot more people trading on Bitcoin by seeing candles but not the future.
2013-14 Crash
We have seen a major Bitcoin crash in the year 2013-14, where bitcoin went down from $1200 Aprx. to all the way to less than $300 USD. That didn't happen very fast, It took some time to reach that down mark and also took some time to break the $1200 mark again.
Is it happening Again?
Well, as they say, History repeats itself. If this is going to be the case then we might see bitcoin touching $3500 level. But According to me, that's highly unlikely this time because of many reasons. We have a pretty big awareness about bitcoin and blockchain technologies to a lot of people now, Even if they are investors or not. I am sure, you have encountered many people asking you about bitcoin and because of that, there is a huge buying support under $8000 level now.
We do have the witness this in the market, Bitcoin didn't stay below $8000 level for long instead quickly recovered and bounced back above $8000.
Similarly, I believe, There would be high selling pressure to Bitcoin, Once it reaches/crosses $11000 mark. As mentioned above, everyone here is not believing in the technology but to make some quick money.
When will it break $20,000 mark again?
This is something destined to happen but If someone is trying to provide you with the exact date, time or even a time period claiming to be correct is either doing a fraud or a part of a pump and dump group. This applies to every cryptocurrency not just bitcoin.
I personally believe, for bitcoin to break $20,000 barrier, it has to keep on creating a resistance level higher, as currently being $8000. Creating that much higher resistance level to be above $20k mark is not something, which is going to happen very soon but quite possible in next 6 months.
Again, this market is highly volatile and I don't believe anyone can make a perfect prediction.
I would love to hear your thoughts in comment section below, would request you guys to be a part of this conversation and lets spread our knowledge.
Join Steembulls on Discord: https://discord.me/steembulls
