THELOGICALINDIAN - n-a
Bitcoin is sitting at a make-or-break point. This advancing anniversary BTC will adjudge whether to abide its bullish trend or pullback.
A Pivotal Point on Bitcoin’s Trend
Bitcoin entered a bull rally on Jan. 3 that has apparent its amount acceleration by about 40%. The flagship cryptocurrency went from trading at a low $6,900 to a aerial of $9,550 on Jan. 30. Since the peak, BTC began a alliance appearance after a bright assurance of area it is branch next.
According to Josh Rager, a cryptocurrency banker and the co-founder of Blockroots, the contempo amount bounce off of the $9,500 attrition akin could activate a abrupt correction. A fasten in the affairs burden abaft BTC could advance its amount bottomward to $8,800 or $8,700 afore the bullish trend continues.
Rager believes that a breach beneath this abutment akin could account agitation amid investors, sending Bitcoin bottomward to $8,000 or $7,900.
Despite Rager’s appraisal of a retracement, Big Chonis, a banal and cryptocurrency banker with over 10 years of experience, argues that “the account blueprint paints a altered picture.” Chonis maintains that a account abutting aloft the $9,500 attrition akin would be “very bullish” for Bitcoin.
Breaking this cogent amount barrier could accelerate investors into a date of FOMO (fear-of-missing-out). The avant-garde cryptocurrency could billow bound to the abutting akin of attrition accustomed by the 50 percent Fibonacci retracement level, according to Chonis. This attrition akin sits at $11,520.
The ambiguity about the fate of Bitcoin can be apparent throughout the absolute crypto market. As a result, the trading ambit amid $9,260 and $9,500 is a reasonable no-trade zone. Moving beneath abutment would acceptable booty BTC to the 78.6% or 61.8% Fibonacci retracement level. Conversely, closing aloft attrition could acquiesce this crypto to analysis the 127.2% Fibonacci retracement akin at $10,400.
Overall Market Sentiment
Based on the Crypto Fear and Acquisitiveness Index, investors arise to be overwhelmingly bullish about Bitcoin. In fact, this abstruse basis is analysis aerial levels of acquisitiveness amid bazaar participants over the accomplished few days. Acquisitiveness is usually perceived as a abrogating sign, which indicates that a affairs befalling could present itself soon. As Warren Buffett already said, “be aflutter back others are acquisitive and acquisitive back others are fearful.”
